MM2H gets 267 new applications while 1,461 wants out, Selangor MCA’s 50% housing discount proposal is unrealistic and more

8 Aug 2022

2nd August – 8th August

Home Minister Hamzah Zainudin revealed that the Malaysia My Second Home (MM2H) programme saw 267 new applications since it resumed, while 1,461 people had also applied to withdraw from the programme between September 2021 and June this year.

Meanwhile, a Pakatan Harapan (PH) assemblyman has slammed an MCA leader’s proposal to slash affordable home prices in Selangor by half if Barisan Nasional (BN) win power in the state at the coming general elections.

 

1) MM2H gets 267 new applications while 1,461 wants out

Home Minister Hamzah Zainudin revealed that the Malaysia My Second Home (MM2H) programme saw 267 new applications since it resumed, while 1,461 people had also applied to withdraw from the programme between September 2021 and June this year.

He explained that the withdrawals were not due to the new conditions rolled out by the government, reported Free Malaysia Today.

Job interview or meeting with bank worker in office. Business ma

“Existing MM2H participants are not subject to the new conditions, except the new pass renewal period, processing fee and RM500 renewal fee,” said Hamzah.

“Among the factors for the participants’ withdrawal are their inability to commit to the programme, personal reasons as well as the COVID-19 pandemic’s effect on their (finances).”

He made the statement in response to Hannah Yeoh’s (PH-Segambut) question on the number of participants who withdrew from the programme since the introduction of new conditions.

 

2) Selangor MCA’s 50% housing discount proposal is unrealistic

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A Pakatan Harapan (PH) assemblyman has slammed an MCA leader’s proposal to slash affordable home prices in Selangor by half if Barisan Nasional (BN) win power in the state at the coming general elections.

“This is just a populist idea. It’s not practical when you consider that construction costs have gone up and developers are having a hard time meeting the demand for affordable housing,” said Bukit Melawati Assemblyman Juwairiya Zulkifli as quoted by Free Malaysia Today.

If the proposal is sound, then BN should not wait for the next election to bring down property prices since the coalition already controls the federal government, she noted.

“MCA should ask the federal government to implement it (50% housing discount) as a policy of the housing and local government ministry before proposing it for Selangor,” said Juwairiya.

She was commenting on the remarks made by Selangor MCA chief Ng Chok Sin that affordable home prices in Selangor should be cut by half if BN gains control of the state in GE15.

 

3) MIDF sees interest rate hike as slight negative for property sector

Despite the strong property loan applications registered in June, MIDF Research believes the recent increase in interest rate along with the expectation of further hikes are slightly negative for the property sector.

On 6 July, Bank Negara Malaysia (BNM) raised its overnight policy rate (OPR) by 25 basis points to 2.25%.

“The hike in the OPR would increase the house instalments of property buyers marginally and reduce the affordability of property buyers,” said the research house as quoted by Bernama.

MIDF, however, expects the “slight negative” from the interest rate hike to be partly cushioned by the incentives rolled out by the government to support buying interest.

Notably, the government recently offered a 100% stamp duty exemption for first-time homeowners who acquire properties costing RM500,000 and below.

“Overall, we see interest rates normalising with the expectation of further OPR hikes dragging slightly on property demand going forward,” it said.

With this, the research house kept a “neutral” rating on the property sector.

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4) Construction work on Phase 2 of Sarawak-Sabah Link Road, Trans Borneo Highway to start next year

The federal government has approved the construction of the second phase of the Sarawak-Sabah Link Road (SSLR) as well as the Trans Borneo Highway (LTB) project which will start early next year.

In fact, the technical study for the SSLR Phase 2 and LTB projects which connect Miri to Limbang and Lawas is now at the final stage, said Prime Minister Datuk Seri Ismail Sabri Yaakob.

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He noted that the projects not only enable Northern Sarawak residents to go to Sabah through two road network options, but they also benefit those living around Long Seridan, Mulu, Long Lopeng, Nanga Medamit, Merarap and Ba’kelalan, who still depend on logging roads, reported Bernama.

“Those travelling from Miri to Limbang and Lawas via Brunei can use the LTB 96-km stretch that will be upgraded into a two-lane dual-carriageway,” said the prime minister.

“For those who choose to avoid going through Brunei to go to (Sabah), they can travel via the SSLR Phase 2 which spans 326 km and is a continuation of the SSLR Phase 1 from Simpang Gelugus to Long Lopeng,” he added.

 

5) IOI Properties teams up with Affin Bank to offer financing solutions

IOI Properties Group Bhd (IOIPG) has partnered with Affin Bank Bhd to offer financing solutions to homebuyers via the Affin Home Step Fast/i loan.

Designed to appeal to homebuyers and property investors, Affin Home Step Fast/i loan offer low monthly repayments during the first five years by servicing only the interest, reported The Sun Daily.

It is flexible and has no lock-in period, with home buyers able to choose from either Islamic or conventional financing solutions. With a loan tenure of up to 30 years or until the borrower is 70 years of age, the loan is applicable for residential properties that are worth RM500,000 and above.

“The solution that Affin Bank is offering allows buyers to enjoy a low monthly installment payment for five years as compared to a conventional home loan. It will help to ease the burden of prospective home buyers that may be troubled by job insecurity, uncertain economic growth and possible interest rate hike,” said Teh Chin Guan, IOIPG’s group COO.

With the Affin Bank’s Home Step Fast/i loan, home buyers are “assured that they can now own their dream home with IOI Properties Group”, he added.

 

6) Selangor residents to benefit from ECRL alignment development

Kuala Lumpur Skyline with Highway at Sunset

Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz believes that the majority of the residents in Selangor will benefit from the development of the East Coast Rail Link (ECRL).

Notably, the ECRL alignment involving Selangor, or Section C, is divided into two –from Mentakab to Gombak Integrated Transport Terminal (Section C1) and from Gombak to Port Klang through Serendah. (Section C2), reported Bernama.

“The ECRL Line for Section C2 spans 74.25km, covering four stations, namely Serendah Baru (passenger and cargo), Puncak Alam (passenger station), Kapar (passenger station), and Port Klang (passenger and cargo),” said Tengku Zafrul in a Facebook post.

In May, the minister met with 25 resident associations within Puncak Alam which raised various issues, including the need for an ECRL station.

“I have brought their request for consideration and, Alhamdulillah, Puncak Alam will have its own ECRL station,” he said.

He noted that about 300,000 passengers are expected to use the Puncak Alam station, at its peak.

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