Malaysia (Commonwealth Union)_ According to Local Government Development Minister Nga Kor Ming, the ministry’s objective is to ensure that every Malaysian has a place they can truly call home, and thus it proposed this initiative to the Finance Ministry. With the current homeownership rate standing at 76.9 percent, the government hopes to see an increase in this figure. Nga stated that the Malaysian government aims to boost home ownership rates by introducing stamp duty exemptions for first-time homebuyers. After careful consideration, the Finance Ministry decided to proceed with the stamp duty exemptions, aligning with the goal of providing every Malaysian with a home and a secure shelter.
Nga expressed gratitude to the Prime Minister, who also serves as the Finance Minister, for continuing the Home Ownership Program, underscoring its significance in meeting the housing needs of the population. He said, “We want to make sure every Malaysian owns a home; we want to make sure that they have shelter, and a roof above their heads. This is very important, and we thank the Prime Minister, who is also the Finance Minister, for continuing with the Home Ownership Program”.
During his conversation with reporters, Nga also revealed the allocation of MYR3.46 million for six development projects, including the improvement of market infrastructure, roads, drains, and gutters in various areas. In the context of the Budget 2023, the Finance Ministry had previously announced that first-time homebuyers would enjoy a 100 percent stamp duty exemption for properties priced below MYR500,000 through the Malaysian Home Ownership Initiative (i-Miliki). Nga highlighted that this exemption could result in savings exceeding MYR20,000 for homebuyers, presenting an opportune time for housing developers to launch and promote their properties.
Further, Nga shared his recent experience in Africa, where Malaysia has been recognized as a model for several developing nations. He mentioned the interest of these countries in learning from Malaysia’s housing policies and revealed that the housing minister of Kenya would be visiting Malaysia the following month. This demonstrates the positive reputation Malaysia has earned in the international community, with its housing initiatives serving as inspiration for others striving to address similar challenges.
