KUALA LUMPUR (Oct 13): While S P Setia Bhd appreciates the government's efforts to drive the country’s economic activity in Budget 2024, some key areas in the property market were not specifically addressed, it said in a press statement issued on Friday after the budget announcement.

The developer said that property market issues such as affordable housing supply, property financing, and rental market regulations need to be considered to create a comprehensive plan for industry development.

“Addressing these issues will contribute to a more vibrant and sustainable property market. We remain optimistic about the government's commitment, and look forward to collaborating with relevant authorities and stakeholders to develop affordable and quality housing,” it said.

Meanwhile, the developer applauded the government's special task force under the Ministry of Local Government Development for addressing delayed and abandoned private housing projects, saying that the efforts to restore 256 projects, involving over 28,000 housing units with a gross development value of RM23.37 billion, are commendable.

“We are also encouraged by the allocation of RM2.47 billion for affordable housing projects in 2024, which will support the recovery of abandoned projects, and contribute to housing development. The special guarantee fund of RM1 billion for reputable developers to restore abandoned projects is a positive step, while the allocation of RM546 million to continue the People's Housing Programme (PPR) will provide much-needed housing, with 15 projects expected to be completed next year,” it noted, adding that the government's takeover of the Bandar Malaysia development for people-centric projects and affordable housing is a positive measure for the industry.   

Commenting on the government's proposal to impose a flat stamp duty rate of 4% on property transfers by non-citizens and foreign-owned companies, S P Setia said it is a necessary move to control land prices.

The developer also pointed out that relaxing the requirements for the Malaysia My Second Home (MM2H) programme and the proposal to reduce the stamp duty for property transfers involving beneficiaries based on inheritance laws are welcome developments that will bring positive impact to the property industry.

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