LBS calls for review of cooling measures in Budget 2016 to aid property sector

0

KUCHING: LBS Bina Group Bhd (LBS Bina) hopes the government will review and ease the cooling measures for the property sector in the coming Budget 2016 to cushion the current economic challenges.

The group also urged the government and Bank Negara to be more flexible with end financing guidelines and to grant further incentives for first time house-buyers.

“Furthermore, 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,” said Tan Sri Lim Hock San, managing director of LBS Bina in his wish list forBudget 2016.

“We suggest the government to look into easing restrictions on existing policy for the foreign ownership for property. Government should look into allowing the sale price range from the existing minimum RM1 million to be lowered back to RM 500,000 to encourage foreign investment inflows to revive the dampened property market.”

Lim believed the government could provide more incentives on affordable housing segment. This will 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. The government should also allocate more funding to benefit the community within and the surrounding development such as upgrading the current infrastructure and to improve and enhance public transportation services,” he added.

Tan also called on the government to control land price from escalating to unattainable levels by ensuring that land price is not marked up.