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Review of Budget 2020 Proposals on the Malaysian Real Estate Sector

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Review of Budget 2020 Proposals on the Malaysian Real Estate Sector OCTOBER - DECEMBER 2019 Review of Budget 2020 Proposals on The Malaysian Real Estate Sector Budget 2020 was tabled by the In the budget, the government has will be allocated for development Finance Minister YB Lim Guan Eng forecast economic growth to remain expenditure. Rating agency RAM has on 11 October 2019, the second time resilient, expanding by 4.7% in 2019 projected the Malaysian economy that a national budget was tabled and 4.8% in 2020 although some to slow down to a growth of 4.5% by him and the Pakatan Harapan quarters felt that the growth rate for 2020. Regardless of whether the government. The budget has been for 2020 is a bit optimistic given the projected growth of 4.8% for 2020 is described by some tax consultants prevailing dark clouds in the horizon on the optimistic side, a growth rate and economists as being “neutral in the global economy. The budget of above 4% is not something to look to mildly positive” with the focus on will see a reduction in the allocation down upon and if that growth rate can striking a balance between driving to expenditure from RM314.5 billion in be achieved, it will provide a positive short term growth and laying the the previous year’s budget to RM297.0 environment for the business sector groundwork for the transformation of billion for 2020. Of this sum, RM241 to thrive and will offer the stability for the economy to become a knowledge million will be set aside for operating consumers to continue to spend and based and high value one. expenditure whilst RM56 billion to invest in the property market. KDN PP18893/11/2015(034373) OCTOBER - DECEMBER 2019 HERALD 1 big way because the rentals that the participants under the scheme have to pay are higher than the prevailing rental rates of similar properties due to the financial institution building in their cost as well as required margins to run the RTO scheme. Another reason for the slow response was the strict criteria adopted which essentially required the participant First time home buyers will enjoy the assistance provided by the government through the Youth to meet the income levels required to Housing Scheme, the Public Sector Home Financing Board for free personal accident insurance qualify for the loan quantum needed for up to two years and also RM100 million allocated for the repair and refurbishment of low and to take up the property after the five- medium cost strata housing. year rental period. Going forward, for the RTO scheme to take off in a For the real estate sector, there have will promote the Rent-to-Own (RTO) big way, the scheme will need to been no earth-shaking proposals scheme by supporting financial be tweaked to address the various in the budget which will have a institutions which will provide loans shortcomings which have deterred a significant impact on the sector. The of up to RM10 billion for the scheme higher level of participation. main ones are discussed below. via a government guarantee of 30% or up to RM3 billion. This scheme Reduction of the Minimum Price Review of the Real Property Gains will be for first time home buyers Threshold for Foreign Purchasers Tax (RPGT) for the purchase of homes priced The current minimum price threshold There have been loud calls from up to RM500,000. Additionally. the for foreigners who want to buy a various sectors for the 5% tax on government will also offer stamp duty property in Malaysia is RM1 million individuals who dispose of their incentives for those who participate although different states have properties after holding them for in Rent-to-Own schemes under which modified the price to suit their own more than 5 years. This has been the stamp duty will be exempted in full for: situation. For example in Selangor, position before Budget 2019 and the a) Sale and purchase agreements for foreigners are only allowed to buy reasoning is that the RPGT is meant the transfer of residential properties residential properties costing RM2 to discourage short term speculative from housing developers to million and above in zones 1 and 2 activities but should not penalise financial institutions which are and RM1 million and above in zone those who are long term investors. executed during the period 1 3. For commercial properties the However, to the disappointment of January 2020 to 31 December threshold in RM3 million for zone 1 and all, the tax rate of 5% for disposals 2022; and 2 only and for industrial properties, the after the fifth year for individuals (10% b) Rental agreement for the transfer minimum price is RM3 million in zone for companies and foreigners) was of residential homes from financial 1, 2 and 3. In Penang, the threshold retained in Budget 2020. Nevertheless, institutions to buyers executed from is RM2 million for landed properties as a consolation, the base year for 1 January 2020 to 31 December on the island and RM1 million on determining the market value of 2022. the mainland whilst for strata-titled the property being disposed will be c) The above exemption is subject to: properties the minimum price is RM1 changed to 1 January 2013 from i. The licensed financial institutions million for both island and mainland 1 January 2000 previously. This is providing financing under this expected to provide some relief to RTO scheme and obtaining Under Budget 2020, it has been affected taxpayers as property prices approval from Bank Negara proposed that the RM1 million price would have appreciated much less Malaysia (BNM); and threshold be reduced to RM600,000 over the seven year period from 2013 ii. Housing developers collaborating applicable for the year 2020 and only as compared to the twenty year with the said financial institutions for high rise residences located in period from 2000, thus resulting in a and registering with the National urban centres. This move is to assist smaller taxable gain. If the tax burden Housing Department and housing developers to clear the huge is reduced, this may encourage more Ministry of Housing and Local overhang of residential properties property owners to dispose of their Government. plaguing the market which has risen properties and upgrade/reinvest in to an alarming 32,810 units worth higher value/better properties after This exemption is to facilitate the RTO RM19.76 billion as at 1H 2019. Whilst selling off their existing properties. scheme, which is a collaboration housing developers are delighted with between the Government and this concession by the government, Promoting and Stamp Duty financial institutions to assist house certain NGOs, notably the House Exemption under the Rent-to-Own buyers who are unable to come up Buyers’ Association (HBA) as well as (RTO) Scheme with the initial deposit and to secure the Consumers Association of Penang The government recognises that end financing to assist them in (CAP) have voiced their reservations younger Malaysians who have not purchasing their first home. against this move, arguing that this accumulated sufficient savings to buy will encourage developers to build their own homes would need some The RTO scheme is not exactly a new more higher priced properties as assistance to become homeowners. initiative as it has been introduced by well as raise prices to meet the new In this regard, it was announced in a major bank previously. The scheme floor price. For instance, a developer Budget 2020 that the government has reportedly not caught on in a with properties currently priced at 2 HERALD OCTOBER - DECEMBER 2019 RM550,000 may jack up the selling There will also be a RM200 monthly provide a spur to the development price to RM600,000 just to be able to instalment assistance for the first two of Pulau Carey. sell to foreigners. Nevertheless, it may years, limited to 10,000 homes. b) The government has indicated that not be so easy for licensed developers b) The Public Sector Home Financing it will proceed with the development to increase their selling prices as and Board will offer free personal of Bandar Malaysia which has when they like as they would have accident insurance for up to two previously been shelved. The new submitted a price list to the Ministry of years to new government housing plan will include the development Housing & Local Government (MOH) loan borrowers. of a people’s park as well as for approval and no changes are c) RM100 million will be allocated for an additional 5,000 affordable allowed without the MOH’s approval. the repair and refurbishment of low homes which will help in making Our take on this is that property and medium cost strata housing. the dreams of more Klang Valley purchases by foreign buyers make up residents to own a home a reality. The 3% or less of total national transactions The above proposals under the Budget development of Bandar Malaysia annually and are basically focussed will help youths who are first time home will also stimulate the development on urban centres such as Kuala buyers who would otherwise be unable of the surrounding areas. Lumpur, Johor Bahru and Penang to raise the funding required to bridge c) After some uncertainty, the and it is in these areas where the the gap between the price of the home Government has decided to percentage of foreign buyers may that they are buying and the loan that proceed with the Rapid Transit exceed 10%. they are eligible to apply for. System (RTS) between Johor Bahru and Singapore. Once completed, Secondly, foreign buyers seem to be Spending on Infrastructure & daily commuting between Johor quite selective on where they buy eg.
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