Webinar panelists Datuk Chua Soon Ping, Mr Benny Ng, Mr Stanley Chong & Elson Kho
KOTA KINABALU: The Home Ownership Campaign (HOC) has been extended to the end of this year in efforts to further stimulate the economy and encourage homeownership.
In a webinar last night, hosted by Sabah Housing And Real Estate Developers Association (SHAREDA) on Facebook, the HOC and many other ways the B40 and M40 group can own a home in 2021 were explained in great detail.
“By conducting this webinar tonight, we hope that not only does it bridge the government and private sector but we also hope that it bridges the heart of the rakyat,” said Benny Ng, Secretary General of SHAREDA, at the end of the fruitful discussion.
He said technology is improving everyday and with the help of these talks, the public can learn more about how these policies work and how it can help them own a home.
The extension of the HOC has been a hot topic in the world of real estate and was addressed in the beginning of the session as viewers were eager to hear how the initiative could directly benefit them as potential homebuyers.
“We see here that there is more of a dramatic drop when it comes to the sold units of highrise properties compared to landed. Purchasers are looking more towards landed homes while at the same time there has been more highrise development.
“There are two solutions to this surplus of highrise units. What we can do is offer this to foreign ownership.” said SHAREDA President Datuk Chua Soon Ping, touching on one of his initiatives to rebuild the Sabah economy, by lowering the threshold for foreigners to buy homes in Sabah and spur activity in the market.
“We are also working with the banks,” he said, adding this is for those that are struggling with cash flow and cannot afford the initial costs of buying a home.
Maybank is offering Houzkey which is a type of Rent-To-Own scheme. This allows the buyer to sign a Sales and Purchase Agreement (SPA) to own the home but only pays a three-month deposit of instalment and rents the home for five years before buying the property.
CIMB offers a 30 year plan that reduces payments by 20% for the first 5 years. The buyer will pay the remaining amount over the next 25 years.
