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PETALING JAYA (Oct 31): The proposed waiver of Real Property Gains Tax (RPGT) for properties sold in the sixth year is good news for the property market but more incentives needed for the secondary market and commercial segment, said Zerin Properties CEO Previndran Singhe.
Commenting on recently announced Budget 2022 on Friday (Oct 29), Previndran noted that the measures related to property market in the newly unveiled Budget showed that the government is taking a positive step towards invigorating the property sector,
“It's superb that the proposal to abolish the RPGT on homes disposed of on the sixth year onwards by Malaysians and permanent residents in the country has been approved. This has been advocated by the Malaysian Institute of Estate Agents Task Force and we at Zerin Properties,” he told EdgeProp.my.
Additionally, the allocation of RM1.5 billion for Rumah Mesra Rakyat is very welcomed, he said, adding that an efficient mechanism needed to implement the programme.
“The RM2 billion housing credit guarantee is fantastic as it opens up a market that will now be able to purchase properties, where they could not before. And this will help, in a small way, reduce the overhang,” he noted.
However, he also expressed his disappointment as there no further incentives were provided for the secondary market and commercial segment.
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