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Property News

Over 34,000 properties worth RM25.65b sold in HOC 2020/2021

Home Ownership Campaign 2020/2021 has seen 34,354 properties worth RM25.65 billion sold as of Feb 28, 2021, said Real Estate and Housing Developers Association Malaysia (Rehda) Malaysia president Datuk Soam Heng Choon (pictured).

Out of these properties, a majority of 28,045 units (82%) are properties under construction while 18% or 6,039 units are completed units.
“Serviced apartments, double-storey terraced houses and condominiums or apartments are the top performers,” said Soam during the media briefing today.

The bulk of sales (37%) are properties ranging between RM500,000 and RM750,000, followed by properties priced between RM300,000 and RM500,000 (26%) and between RM750,000 and RM1 million (19%).

The HOC 2020/2021, which began on June 1, 2020, will end in May this year. During HOC 2019, it recorded RM37 billion in sales value from 57,000 residential property transactions.

Soam urged the government to extend HOC till the end of the year as the majority of the developers opine that the campaign is effective in boosting sales.

According to the Rehda Property Industry Survey for 2H20 and market outlook for 1H21 and 2H21 released today, among the 121 respondents who participated in HOC 2020/2021, 89% of respondents concurred that the campaign has helped them bring in sales.

“Due to the Covid-19 pandemic and the re-introduction of the Movement Control Order (MC0 2.0) on Jan 13, the economy almost ground to a halt once again – causing developers to lose out on two months’ worth of potential sales. Hence, we hope HOC could be extended till the end of the year,” said Soam.

Meanwhile, he noted that other than HOC, developers also suggested other incentives that could help homeowners, including allowing regulated interest bearing schemes and 90% loan margin for third-home purchasers.

Source: EdgeProp.my

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