To be officiated by Dr Mahathir, the property expo is expected to see RM11.8b up for sale
By SHAZNI ONG / Pic By MUHD AMIN NAHARUL
Malaysia’s largest home ownership campaign in recent time, Malaysia Property Expo 2019 (Mapex 2019), will kick off today with more than 17,000 properties being showcased by various developers.
Mapex 2019, organised in conjunction with the Home Ownership Campaign (HOC) 2019, is orchestrated by the Real Estate and Housing Developers Association (Rehda) and Ministry of Housing and Local Government (KPKT).
The event will see about more than RM11.8 billion worth of properties up for sale as the government seeks to boost sales in the sector and reduce the overhang faced by property developers.
Developers participating in Mapex 2019 are expected to offer various goodies and discounts with a minimum price reduction of 10%, besides additional incentives. All levels of buyers are expected to benefit from the campaign.
Aside from the 51 property developers, the event will also showcase government bodies’ hou- sing projects including KPKT, 1Malaysia People’s Housing Programme, Syarikat Perumahan Negara Bhd, Permodalan Nasional Bhd and UDA Hol- dings Bhd.
Property developers including those listed on Bursa Malaysia will also be exhibiting their products.
Prime Minister Tun Dr Mahathir Mohamad is expected to officiate the event later today. KPKT Minister Zuraida Kamaruddin and Finance Minister Lim Guan Eng are also expected to be present.
Rehda expects the six-month HOC 2019 will generate sales of up to RM3 billion.
Among the key developers participating in the HOC are Sime Darby Property Bhd, UEM Sunrise Bhd, IOI Properties Group Bhd, LBS Bina Group Bhd, Mah Sing Group Bhd and Eco World Development Group Bhd.
Five banks will also be taking part in the expo, namely Malayan Banking Bhd, RHB Bank Bhd, Public Bank Bhd, Hong Leong Bank Bhd and Standard Chartered Bank (M) Bhd.
Several other activities have also been lined up to draw prospective buyers to the event held at the Kuala Lumpur Convention Centre.
Meanwhile under the HOC, which began on Jan 1 and will end on June 30, 2019, buyers will be exempted from paying stamp duties for residential units priced between RM300,000 and RM1 million.
For homes priced above RM1 million to RM2.5 million, stamp duty exemption applies for the first RM1 million, while the balance is charged at 3%.
Previously, the stamp duty was charged at 1% for the first RM100,000 of the purchase consideration, 2% for the subsequent RM100,001-RM500,000 and 3% for the next RM500,001- RM1 million.
The stamp duty on loan agreements has also been waived, whereby buyers were previously charged 0.5%. Admission into the HOC 2019 expo is free.