SHEDA welcomes the Ministry of Finance’s commitment to support first time home buyers. Speaking through a press statement, Organising Chairman of the SHEDA Property Expo 2023, Steve Tan, was of the opinion that the savings achieved under Home Ownership Initiative (i-Miliki campaign) were significant to individuals who need a helping hand in making initial lump sum payments.
Under the i-Miliki campaign, purchasers will enjoy a discount of at least ten per cent on the original selling price of residential property. The discount will be reflected in the Sale and Purchase Agreement (SPA). In addition, stamp duty incurred will be totally exempted (100%) in respect of any loan agreement and instrument of transfer (MOT) for the purchase of a residential property priced RM500,000.00 and below. Alternatively, 75% of the whole stamp duty for the same documents will be remitted for residential properties priced above RM500,000.00 to RM1million.
Together, these savings aim to make the transaction more affordable for potential home owners.
To benefit from the i-Miliki campaign, SPAs must be executed from 1 June 2022 to 31 December 2023 for residential property categorised as a house, condominium unit, apartment, flat, serviced apartment and/or small office home office (SOHO) and must be between individual(s) and a property developer. This, according to Tan, makes the SHEDA Property Expo an ideal place to compare, choose and commit to a property before the campaign expires.
The SHEDA Property Expo takes place from 14-16 July 2023 at the Borneo Convention Centre Kuching. The Expo’s Main Sponsors are Ibraco Berhad, Lee Onn Development Sdn. Bhd. and Chen Ling Development Sdn. Bhd. The event is supported by the Ministry of Public Health, Housing and Local Government, Sarawak (MPHLG), the Construction Industry Development Board Malaysia (CIDB), Sarawak Metro Sdn. Bhd. and the Centre of Technical Excellence Sarawak (CENTEXS)