Government urged to extend HOC, end-financing scheme

LBS Bina Group Berhad hopes the government will consider extending the Home Ownership Campaign (HOC) and special end-financing scheme for first-time house buyers, given the current market scenario.

Group managing director Tan Sri Lim Hock San is also calling on the government to grant incentives to township developers for better infrastructure planning, coupled with additional benefits to encourage wider adoption of Industrialised Building System (IBS).

Lim said these are among LBS Bina’s wish list for National Budget 2021.

He said LBS Bina is proposing these key measures aimed at encouraging homeownership and uplifting the property market.

“Property affordability remains a key challenge for the majority of Malaysians, especially first-time house buyers. We suggest to the government to extend the HOC, as incentives under this campaign will significantly reduce the burden of homebuyers,” he said in a statement. To enable more homebuyers to secure housing loans, LBS urged the government to introduce a special low interest rate for housing loans for first-time home owners, especially the younger generation.

Lim is also of the view that the government should widen its incentives to developers who adopt IBS technology over the traditional construction system.

IBS system embraces modern technology that can reduce dependency on unskilled foreign workers, building cost and increase productivity, eventually bringing down house prices, he said.

“We hope the government will grant more incentives to township developers, as it will help our nation in greater city planning. With the right strategies and government supporting policies in place, it will definitely boost the property market and contribute to stimulating the country’s economic growth,” Lim said.

Source: NST