Prime Minister’s Department (Federal Territories) Datuk Seri Dr Zaliha Mustafa: If a building remains structurally sound, possesses heritage value and holds economic potential, the most sensible approach is to repurpose it—not demolish it in the name of new development.
Minister in the Prime Minister’s Department (Federal Territories) Datuk Seri Dr Zaliha Mustafa said with the island already enjoying duty-free status, stakeholders believe the waterfront redevelopment will enhance Labuan’s attractiveness to investors, visitors and local businesses, provided it is implemented effectively.
The sale helps Magma unlock value from a non-core asset, reduce debt, and focus on higher-growth areas.
One noted the lack of incentives for the property market and expected it to move steadily on its own steam again into 2026.
REHDA however expressed “trepidation pertaining the announcement to increase the stamp duty for foreign residential ownership, from the current 4% to 8%.
“A renewed HOC would not only encourage genuine homeownership, especially among first-time buyers, but also help sustain market momentum in 2026,” said Mah Sing’s founder and group managing director Tan Sri Leong Hoy Kum.
“MBAM commends the government’s proactive measures in Budget 2026, which prioritises key infrastructure projects and underscores the critical role of the construction sector in driving Malaysia’s socio-economic development, particularly in transportation and housing.
In addition to mystery giveaways, the campaign features a Home Ownership Rewards package, offering incentives such as legal fee absorption for sales and purchase agreements, loan documentation, furnishing packages, and further buyer-focused rewards.
Located on a 15-acre site, Ativo Annexe will comprise Amaya Residences (high-rise residences), The Arden (office suites) and DA Central Mall.
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