Sheda: Best time to buy house now under HOC campaign

Datuk Sim Kiang Chiok

KUCHING, Jan 7: Now is the best time to own a house with a slight discount with the Home Ownership Campaign (HOC) which will last until the end of May 2021, said the Sarawak Housing and Real Estate Developers’ Association (Sheda) Kuching Branch chairman Datuk Sim Kiang Chiok.

And with the availability of vaccines against Covid-19 soon, he also predicted that both the local and the world economy will resume pre-Covid-19 level by the end by end of the year.

“In my opinion, the price of houses for 2021 will be stable with a slight discount due to HOC. (And) we can foresee that our local and world economy will be able to run properly by end of the 3rd quarter of this year, which will provide more business and employment opportunities, that will, in turn, create more demand for houses.

“So, this is a good time to consider buying a house, if you now have steady employment and income. With the HOC, a minimum of 10 percent discount of the approved price by developers and free stamp duties on legal documents by our government.

“This is the time to get a good deal. HOC will end by May 31, 2021, so don’t let this good opportunity pass you by,” Sim said in a statement issued here today.

He also hoped that the compliance cost could be reduced for the developers to build more houses at a reasonable cost.

“We also hoped that the income of potential purchasers will also increase with the predictable ever-rising cost of living after the pandemic, and Bank Negara Malaysia (Central Bank) will reduce the strict requirements in lending by banks to developers and purchasers alike,” he said.

Sim reiterated that the local economy stopped when the Movement Control Order (MCO) was enforced on March 18 last year, as the Covid-19 pandemic hit the country. MCO was later followed by Conditional (MCO) and thereafter replaced by Restricted (MCO).

“And with our borders still being closed, it has affected sizeable segments of our economy especially in tourism and service sectors,” he stressed.

However, he was optimistic that the economy will resume once the vaccines are available soon.

“How the Covid-19 pandemic has been affecting our economy is different from any economic recession or credit crisis, as our banking system is still in good working order. And this will help to recapitalize and restore cashflow in our businesses when the pandemic is over,” he opined. – DayakDaily