LBS Bina Group managing director Tan Sri Lim Hock San said as a home-grown developer; the company has played an active role in supporting the nation's agenda of helping the people to own a home.

PETALING JAYA: IN efforts to ease first-time homebuyers to purchase a new home, LBS Bina Group Bhd has proposed for the Budget 2018 to be tabulated with initiatives aimed at empowering the rakyat.

LBS Bina Group managing director Tan Sri Lim Hock San said as a home-grown developer; the company has played an active role in supporting the nation's agenda of helping the people to own a home.

“We believe our proposals will greatly benefit home buyers, particularly first-timers, the property industry and the Malaysian economy as a whole.

“So we sincerely hope the Government will consider our proposals in the upcoming Budget 2018,” he said in a statement.

To empower the rakyat, Lim said the company has proposed to lower personal income tax rates. The property developer believes the additional margin in income can be used to ease the burden when purchasing their homes.

LBS also suggested of lowering the corporate tax to reduce the burden of businesses, particularly developers.

Lim said this would greatly benefit property developers who can then reinvest in the business, a move that can lead to improved productivity, increased job opportunities and increased quality and quantity of developments.

“Ultimately, the move is aimed at helping to provide more options for home buyers and spurring the growth of the property industry and the overall economy,” said Lim.

The company also suggested for the easing of cooling measures on the property sector which she should be reviewed is the Real Property Gains Tax (RPGT), with the aim of further stimulating the local property market.

“Relaxing the terms of the RPGT will encourage more Malaysians to invest or upgrade their homes, directly creating and further boosting property market activities.

“On measures to boost the local property market, LBS also suggests lowering the minimum threshold from RM1mil to RM500,000 for foreigners looking to purchase homes in Malaysia,” he said.

He also said flexible end financing guidelines and additional incentives by the government and Bank Negara would greatly empower first-time homebuyers.

In light of various external factors that have led to the escalating cost of housing, LBS also proposed to the expansion of the stamp duty waiver to include properties priced between RM300,000 and RM500,000.

Lim said the company believes the move will help lower the cost of property transactions and greatly encourage the rakyat to make the first move towards home ownership.

Lim also said the company hopes the Government to allow grant incentives to encourage developers to implement IBS into their practices which have proven to result in reduced manual labour required at construction sites, and neater and cleaner construction sites with minimal congestion.

“IBS also improves quality control as processes are streamlined and managed in the factory assembly line setting, effective construction methods for waste minimisation, and most importantly, construction time is reduced by two to three months, leading to buildings being completed quicker and allowing an earlier return of investment,” he said.

As a means to increase the number of affordable homes in Malaysia, LBS’ fifth proposal is for the Government to consider setting up a special fund for developers, with an interest rate of 4%, to aid and encourage more developers, especially smaller players, to build more affordable homes.

As for the sixth and final proposal, LBS hopes the Government will consider incentives for township developers.

Township developers invest more in the overall planning which includes the strategic layout of homes, infrastructure, accessibility and, among others.

“LBS believes well planned, and developed townships provide convenience by shortening travel time and opens opportunities for business. Hence, propelling the nation’s economic growth. The incentives will encourage more developers to take on more township developments,” he said.