NEW STRAITS TIMES. 13TH OCTOBER: FIABCI Malaysia hopes that the 2024 Budget will include urban renewal initiatives such as tax breaks for property owners and developers in order to revitalise older neighbourhoods and increase property values.
Its president Datuk Firdaus Musa said that this could serve as a catalyst for community transformation and sustainable urban development.
Due to the pressing need for affordable housing, he also urged the government to allocate significant funds in the 2024 Budget for the construction of affordable housing units, particularly in high-demand urban areas.
FIABCI Malaysia also recommends tax breaks and land incentives to further incentivise private developers to actively participate in affordable housing projects.
The organisation also advocated for tax breaks and rebates to encourage green and energy-efficient development, with the goal of lowering the industry’s carbon footprint while attracting environmentally conscious investors.
It emphasised the importance of prioritising infrastructure development, such as transport networks and utilities, because improving accessibility is critical for the sector’s long-term growth.
Firdaus is hoping that the 2024 Budget will also focus on key areas critical to the long-term growth of the local property market.
He said the chapter expressed hope that the government would make financing more accessible and affordable for Malaysia’s lower-income group, including considerations such as lowering interest rates on housing loans and introducing financial assistance schemes for first-time homebuyers, to make homeownership more accessible for Malaysians.
“This includes considerations such as lowering interest rates on housing loans and introducing financial assistance schemes for first-time homebuyers.
“We also recommend a review and potential revival of the Home Ownership Campaign (HOC) to align with current market conditions,” he said.