Malaysia Budget 2013 – Property Related

*Tun Razak Exchange expected to attract 250 international companies and offer 40,000 jobs; 10-year tax exemption for companies with TRX status

*Government will allocate RM1.9bil to build 123,000 affordable housing units in strategic locations in 2013. The initiative will be implemented by PR1MA, Syarikat Perumahan Nasional Berhad (SPNB) and Jabatan Perumahan Negara

*A total of RM500mil will be spent by PR1MA to build 80,000 houses in major locations nationwide with the selling price ranging between RM100,000 and RM400,000 per unit. Among the locations are Kuala Lumpur, Shah Alam, Johor Bahru, Seremban and Kuantan.

*PR1MA will provide the Housing Facilitation Fund totalling RM500mil to build houses in collaboration with private housing developers. The house prices under this programme will be 20% lower than the market price and distributed through an open balloting system.

*To enable more Malaysian own their first residential property, My First Home Scheme, which was launched under the previous Budget, will be improved by increasing the income limit for individual loans from RM3,000 to RM5,000 per month or joint loans of husband and wife of up to RM10,000 per month.

*In a bid to curb speculation, the Government proposes the real property gains tax (RPGT) from the disposal of properties made within a period not exceeding 2 years from the date of purchase will be taxed at the rate of between 15% and 10% of disposal of property within a period of 2 to 5 years. For property disposed after 5 years from the date of acquisition, RPGT is not applicable

*Felda will implement and complete new generation housing projects amounting to 20,000 units for a period of five years on 5,000 acres of land in Felda areas. The project will cost a sum of RM1.5bil

*The 1Malaysian Development Berhad Trust will allocate RM300mil to provide education grants and financial assistance to build rumah arau pre-school students in the interior of Sarawak, 1Malaysia Mobile Clinic and repair houses for the poor and needy

The Edge Weekly (1 Oct 2012)

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