KUALA LUMPUR, October 25, 2023 – The Malaysia Association of Property Consumers (MAPC) is delighted to express its fervent support for the recent budget unveiled by the government, a testament to its unwavering commitment to the welfare of the nation’s citizens. In the face of daunting global and domestic economic tribulations, including the far-reaching aftermath of the Covid-19 pandemic, the government has taken a remarkable step by introducing measures that signify a determined path to prosperity. These measures are evidenced by promising indicators such as reduced unemployment rates, controlled inflation, and a surge in foreign tourist arrivals, showcasing the effectiveness of the government’s strategies in strengthening the national economy.
While the budget encompasses a wide array of sectors spanning society and the economy, MAPC passionately underlines the untapped potential within the property sector. The association firmly believes that with the right initiatives and support, the property market can become a formidable contributor to the nation’s economic growth, both in the immediate and long-term future.
Revisions for the Malaysia My Second Home (MM2H) Program
The recent relaxation of eligibility requirements within the Malaysia My Second Home (MM2H) program represents a substantial stride forward for the property market, as perceived by MAPC. Despite facing fierce competition from neighboring countries, MAPC proposes a collaborative approach in overseeing the MM2H program, involving multiple relevant ministries, rather than a single one.
Advancing Towards an Eco-Friendly Future
MAPC acknowledges the government’s vision for promoting electric vehicles (EVs) and the gradual phasing out of traditional internal combustion engine (ICE) vehicles. However, the association ardently advocates for a comprehensive policy that encompasses the entire EV value chain. A similar enthusiasm is extended to the realm of renewable energy, with MAPC urging the government to formulate strategies that make this environmentally friendly initiative accessible to the masses.
The government’s initiative to position Malaysia as an e-sports hub is lauded by MAPC. However, the association advises considering the repurposing of underutilized commercial properties as an alternative to new construction. Such an approach has the potential to breathe new life into properties that have been adversely affected by the economic repercussions of the pandemic.
MAPC extends its appreciation for the allocation toward the welfare of senior citizens and suggests that a portion of it be directed towards private retirement village developments. Additionally, the formation of a special task force to address abandoned projects is deemed crucial, with MAPC emphasizing the need to stimulate demand to ensure the success of such endeavors.
Inclusive Decisions for Urban Redevelopment
While MAPC applauds the government’s initiative to lower the consent threshold for the sale of stratified properties, the association also underscores the importance of safeguarding the rights of minority property owners.
MAPC envisions the future of Bandar Malaysia as a unique smart city. To realize this ambitious vision, the association recommends the establishment of a high-level committee comprising representatives from the public and private sectors, along with expert professionals.
Revisiting Stamp Duty on Foreign Property Transactions
Regarding the flat-rate stamp duty for foreign property transactions, MAPC urges the government to recognize the multifaceted nature of this issue and advocates for the inclusion of professional valuers in stakeholder consultations.
In the words of Dato’ Sr Rosli Atan, President of MAPC, “We genuinely appreciate the government’s efforts and believe that with the right collaboration and measures, Malaysia’s property sector can reach unprecedented heights.“
About MAPC
The Malaysia Association of Property Consumers (MAPC) is a dedicated non-governmental organization committed to the well-being of property stakeholders in Malaysia. With an unwavering commitment to promoting a sustainable future, MAPC proactively addresses property consumer concerns, championing transparency, fairness, and responsible governance within the property domain.
