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aws〖账号〗(www.2km.me)_Developers and buyers sing praises of HOC

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Sunway had already surpassed their initial sales guidance.

KUALA LUMPUR: With just a few months of the year remaining, all eyes are on whether the nationwide Home Ownership Campaign (HOC) will get extended into 2022.

The campaign, which ends on Dec 31, has helped developers mitigate the impact of the pandemic.

Kenanga Research, in a recent report, pointed out that property sales by developers have been good.

“Despite the unexpected full movement control order imposed in June, we note that all developers under our coverage are still in line to meet their internal sales target set out at the start of the year, with the exception of Malaysian Resources Corp Bhd.

“EcoWorld Development Group Bhd and Sunway Bhd had already surpassed their initial sales guidance.”

Nevertheless, Kenanga Research said the real test will be when the HOC ends at the end of this year.

“Unless the HOC gets extended again, stamp duties (on memorandum of transfer and loan agreements) which are currently waived will kick in,” it said.

The research house added that for properties valued at RM300,000 to RM1mil, the duties would add on an additional cost of 2.1% to 2.9% (or RM6,350 to RM28,500) in cash. “Taking a cue from the car sales trend that came off substantially post the goods and services tax holiday from June 2018 to August 2018, we believe most home buyers would likely seize the opportunity to purchase properties by year-end and property sales would likely come off next year.”

The HOC was kicked off in January 2019 to address the overhang problem in the country.

The campaign, which was intended for six months, was extended for a year.

It proved successful, having generated sales totalling RM23.2bil in 2019, surpassing the government’s initial target of RM17bil.

The government reintroduced the HOC in June last year under the Penjana initiative to boost the property market after it was adversely affected by the Covid-19 pandemic.

The campaign was extended to the end of this year, with property consultants and developers fully supporting the move.

In March this year, during the Real Estate and Housing Developers’ Association’s briefing on the property market for 2021, its president Datuk Soam Heng Choon revealed that since the HOC was reintroduced last June, a total of 34,354 residential units valued at RM25.65bil had been sold as at Feb 28, 2021.

Separately, Kenanga Research said year-to-date property development margins have been stable.

“This is attributable to cost controls and efforts to pivot into digital marketing, which substantially cut sales and marketing costs, while sales remained healthy.”

According to the National Property Information Centre (Napic), there were 92,017 property transactions worth RM34.51bil recorded during the first half of 2021.

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