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Good response to HOC; Shareda revises target
Published on: Thursday, September 12, 2019

KOTA KINABALU: Good response to the Government’s current Home Ownership Campaign (HOC) has resulted in the Sabah Housing and Real Estate Developers Association netting RM467 million in sales involving properties of members, exceeding the original sales target of RM300 million.

Hence, Shareda is now adjusting its sales target to RM600 million this year, said its President Chew Sang Hai (pic). 

“Today (Tuesday), our sales figure is coming close to RM500 million,” he said.

The east coast areas of Sandakan, Lahad Datu and Tawau recorded the best performance. “The buyers are mainly from the East Coast who have taken advantage of the HOC campaign to purchase residential properties there. 

“Another factor is very good discounts from the developers. Some developers are offering more than 25 per cent discount and some like Hap Seng group are also offering easy credit loans to buyers. Good discounts and easy credit definitely help in achieving good sales.

“The results for the East Coast also show there are now more investors coming into the market. East Coast actually have more local investors than West Coast because of the oil palm industry in the area. Normally they would buy properties in the West Coast and overseas, but now with the HOC, big discounts by developers and also easy credit facilities, these East Coast investors are buying up properties there (East Coast)”

“What this figure actually means is that for every three units we put on the market, one unit is sold which is a good sign.”

“In previous years the contribution from the east coast was less than 20 per cent, during really bad years, it would be less than 10 per cent.

“This is the only year that the east coast has contributed 30 per cent of the total sales to HOC sales in Sabah,” he said. 

He said the record of registration and certification of stamp duty waiver in the State as at Aug. 28 was for 47 projects involving 37 developers in Beaufort, Kota Kinabalu, Lahad Datu, Papar, Penampang, Putatan, Sandakan, Tawau and Tuaran.   

There were 4,038 projects worth Rm2.195 billion with RM 0.468 billion sold for 827 units.

Certification for Stamp duty waiver for the 827 units was RM467,728,496 in sales and unit value. So far 94 units or 11.37pc were completed and 733 or 88.63pc are still under construction.

Under the HOC, a house priced between RM300,000 and RM2.5 million purchased from a developer registered with Rehda, Shareda and Sheda gets a discount of at least 10 per cent and a stamp duty exemption of 100 per cent that is limited to the first RM1 million of the house value. 

The remaining value is subject to a three per cent rate.

In June, the Federal Government extended the HOC for another six months until Dec 31. It was initially scheduled to end on June 30.

Meanwhile, Shareda will be giving special recognition to developers who have performed despite the challenging economy in the upcoming Shareda Nite 2019 on Sept. 20.

“There are some candidates that really stand out. 

“These are people coming to invest heavily in the State as called for by Chief Minister Datuk Seri Mohd. Shafie Apdal and they will be given special recognition in view of their contribution in Sabah,” said organising Chairperson Roy Chiew.

The top performers are judged by their total sales in the past few months and the names will be announced on the night itself.

Roy said the Shareda Nite this year will be unique as both the CM and Deputy CM cum Housing and Local Government Minister Jaujan Sambakong have confirmed attendance. 

“For quite some time we did not have the ministers (present on Shareda Nite), so it is quite an honour that the ministry is having a cordial relationship with Shareda more than ever.

“This is something that we have always been trying to work on whether it’s a relationship or on policies, and this year the concept of the night is very much focused on this relationship,” he said.

Attendees of Shareda Nite 2019 will be treated to stand-up comedy performances by Harith Iskandar and stand a chance in a lucky draw. It will be held at Magellan Sutera and 1,000 people are expected to attend. 



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