KUALA LUMPUR: LBS Bina Group has come up with a pre-Budget 2016 Wish List, suggesting a few measures to the Malaysian Government concerning property development in this country.

In a statement yesterday, LBS Bina said it hoped that the Government would enhance development projects by supplying more lands to private developers at a reasonable price through joint venture agreement and sale agreement.

The property developer has also urged the Government to review and ease the cooling measures on property to cushion the current economic challenges.

“We also urge the Government and Bank Negara to be more flexible with end financing guidelines and to grant further incentives for first time house-buyers,” it said.

LBS Bina suggested that some inducements should be granted for second time house-buyers who need to upgrade due to expansion of family members or an increase in their household income.

“We suggest the Government to look into easing restrictions on existing policy for the foreign ownership for property,” it said.

It added that the Government should look into allowing the sale price range from the existing minimum RM1mil to be lowered back to RM500,000 to encourage foreign investment inflows to revive the dampened property market.

This came as the ceiling price of foreigners buying properties in Kuala Lumpur, Labuan and Putrajaya was raised to RM1mil per unit, up from RM500,000 previously.

A report stated that the Government took this measure to stabilise domestic property prices from excessive speculation and to enable local interests to acquire quality properties valued at less than RM1mil per unit, especially residential units.

Meanwhile, LBS Bina believed that the Government could provide more incentives on affordable housing segment to ease the burden of middle and lower income class to purchase their own homes.

“We would like to suggest that the government control and create policies to lower the cost of construction material in the development of affordable housing,” it added.