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KUCHING, Aug 10: The Malaysian Home Ownership initiative (I-Miliki) which is now effective in Sarawak allows first time house buyers to enjoy 100 cent stamp duty exemption for houses below RM500,000 and 75 per cent for houses between RM500,000 to RM1 million.
The press statement jointly issued by the Ministry of Public Health, Housing and Local Government Sarawak (MPHLG) and Sarawak Housing and Real Estate Developers’ Association (Sheda) states that for transactions in Sarawak, one of the eligibility criteria is that the Sale and Purchase Agreement (SPA) must be perfected between 1 June 2022 and 31 December 2023.
Another criteria is that the concerned unit must be built under property developers who are Sheda members, and thirdly, property developer must offer a discount of at least 10 per cent of the original selling price.
Under i-Miliki, residential property is defined as a house, condominium unit, apartment or flat, including service apartment and small office home office (SOHO).
Deputy Minister of Local Government Michael Tiang hopes the i-Miliki Initiative would empower more Sarawakians to embark on their homeownership journey, in line with the Sarawak government’s Post-Covid Development Strategy (PCDS) 2030.
“The initiative is an example of synergy between the public and private sector, which ultimately benefits potential purchasers,” he said.
Meanwhile Sarawak Housing and Real Estate Developers’ Association (Sheda) president Augustine Wong urged the Federal government to extend the duration of the i-Miliki Initiative beyond Dec 31, 2023, in order to support the industry’s growth.
Wong also sought clarification from the Inland Revenue Board Malaysia (IRB) regarding the possibility of reimbursing stamp duty paid on Sales and Purchase Agreements (SPAs) entered into after June 1, 2022.
“This pertains to the corresponding guidelines for such reimbursement, considering that the benefits of i-Miliki are retroactively applied from June 1, 2022,” he said.
Property developers in Sarawak who are interested in registering eligible project units under i-Miliki are to directly contact Sheda secretariat by emailing michelle.comm@sheda.org.my or calling 082-366334 (Michelle Liu/Florence Tan). — DayakDaily
