Shareda hopes to boost MM2H
Published on: Saturday, September 21, 2019
By: Larry Ralon
Photo for illustration only.
Kota Kinabalu: Sabah Housing and Real Estate Developers Association (Shareda) hopes to take advantage of the fact that Sabah has autonomy over immigration matters to boost the Sabah My Second Home campaign.Its President, Chew Sang Hai, said this is an offshoot from Malaysia My Second Home programme that has been going on for a number of years with limited success.
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“Foreign ownership of properties in Sabah has remained at just 0.2 per cent.
“We have therefore suggested to the State Government to consider a Sabah-centric second home programme for foreigners.
“This aims to take advantage of the fact that Sabah has autonomy over immigration matters. It is in a position to put in place have rules and regulations that are directed as foreigners buying homes here,” he said at the Shareda Nite 2019 held at the Magellan Sutera here Friday. Chief Minister Datuk Seri Mohd Shafie Apdal was the guest of honour.
Chew said tourist arrival in Sabah has been increasing steadily and there are signs of growing interest among foreigners to purchase properties in Sabah.
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Recently, he said, the riots in Hong Kong also resulted in a surge in inquiries about property invesments in Malaysia.
“Shareda would like to urge the Sabah Government to consider, under the Sabah My Second Home programme, lowering the ceiling of property prices that these foreigners can purchase.
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“We are suggesting the lowest price of property be set at RM500,000 instead of RM1 million previously. This policy will help to reduce the property overhang in the State and help to stimulate the economy”, he said.
Chew said another proposal to the State Government that Shareda is working on is what we call the transition economic housing.
“As the name implies, this is a project aimed at the B40 group, or the lower-income group who are either renting some affordable accommodation in or near the city, or perhaps residing in one of the many squatter colonies in the major towns in Sabah.
“Their number is reflected in the burgeoning squatter colonies. Recently it was reviewed that there are many squatters in Tawau require housing.
“Shareda members have expressed a willingness to work with the Local Government and Housing Ministry to develop this idea.
“The word ‘transition’ means that those selected for the scheme are expected to live in the scheme for a period long enough for them to go on to participate in the rent-to-own scheme or save up for affordable housing.Stay up-to-date by following Daily Express’s Telegram channel.
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