Malaysia Budget 2013 - Housing

Below are few announcements of Malaysia budget 2013 which are housing developments related : 

1. Affordable housing in Malaysia budget 2013

123,000 units to be built, in areas such as Sungai Buloh and Seremban;

2. First home scheme  in Malaysia budget 2013

 income cap raised from RM3,000 to RM5,000. Join income limit is RM10,000. Applies only for houses below RM400,000;

3. Duty Stamp 2013  in Malaysia budget 2013

Up to 50 percent stamp duty exemption for first home owners until Dec 14, 2014;

4. RPGT 2013 (Real property gains tax 2013)  in Malaysia budget 2013

Real property gains tax 2013 (RPGT) for properties sold within two years of purchase raised to 15%; 2-5 years 10%. No RPGT for properties sold five years after purchase;

5. Abandoned projects  in Malaysia budget 2013

Tax breaks and incentives for contractors and banks who offer loans to contractors to revive abandoned housing projects. Original buyers of abandoned projects will be exempted from stamp duty for loan refinancing or ownership transfer agreements.

Banyan Tree Signatures by Lumayan Indah

Banyan Tree Signatures, a 1.46-acre condo development on the  site of the former Wisma MISC, situated in between the Prince Hotel and Residence and Hakka Restaurant on Jalan Conlay opposite Pavilion KL was launched in 2011 and successfully sold out within months.  

This development is 55-storey high and it is going to be the tallest residential landmark in town with the construction cost of RM1.4bil and to be completed in 2015. The single-block development consists of 441 private residences, 51 serviced residences and 50 hotel suites, which are located at the two uppermost  floors. Banyan Tree will manage the hotel and spa itself, giving the added allure of the service and amenities the brand is renowned for.

Banyan Tree Signatures

 The condos were sold at the average pricing of RM2000psf and to the highest at RM3000psf for the smaller units at the top floor. If you are wondering who are the purchaser, the developer announced that they are 70% from local and 30% from Japan, Hong Kong, South Korea, Taiwan, the UK, Middle East, Singapore and Indonesia. 

Banyan Tree Signatures

1Malaysia People-Friendly Home (RMR1M)

Have you ever heard about this 1Malaysia People-Friendly Home (RMR1M)?

A summary of the above is as follows : -

• Syarikat Perumahan Negara berhad (SPNB) is focusing on delivering 10,00 houses this year under 1Malaysia People-Friendly Home (RMR1M) program.
• To qualify on this, applicants must not exceed RM3k per month. Other conditions include not having a house or living in an old, incomplete or dilapidated house.
• The government has allocated RM20k each for buyers of 1Malaysia People-Friendly Home (RMR1M), which are priced at RM65k only.