Paramount Property lauds government’s move to open up property market

PETALING JAYA (Oct 15): Paramount Property Development Sdn Bhd lauded the government’s move to lower the property price threshold for foreign ownership as this is a good way of managing market inventories while welcoming global citizens to Malaysia, thus creating vibrancy to the market. 

“Opening up the market to foreign purchasers in a controlled way is a responsible way of managing housing stock to ensure that housing is firstly built for locals but in a global economy that desires foreign investment and welcomes tourists, we also build for other world citizens,” said Paramount Property CEO Beh Chun Chong in a press statement today.

The government in its Budget 2020 which was tabled in Parliament on Oct 11, has proposed that the foreign ownership threshold be lowered to RM600,000 from RM1 million to attract foreign buyers to absorb the oversupply of high-end residential property.

Beh added that in order to effectively resolve the property overhang issue, an implementation guideline is needed for the market to react.

Paramount Property also commended Putrajaya’s proposal to revise the base year for real property gains tax (RPGT) from the current year 2000 to 2013, as this would encourage long-term property owners who are looking at upgrading their homes.

Meanwhile, Beh noted that the government is making efforts to facilitate homeownership through various measures such as the enhancement on Rent-to-Own financing, the Youth Housing Scheme and loan guarantee by Cagamas.

The government will also allocate funds for the maintenance of low and medium-cost housing which Beh sees as a commitment towards building a healthy community.

“Paramount is a strong believer in this and participates in EdgeProp’s Sayangi Rumahku campaign whereby Paramount Property has undertaken to maintain the sports courts of three public housing projects in the Klang Valley.

“The programme is meaningful and in line with our corporate vision of changing lives and enriching communities for a better world,” he stressed.

Overall, Beh described Budget 2020 as a rakyat-friendly one as there are several practical proposals that are aimed at stimulating the economy, to increase productivity and to raise the people’s income.

“Laudable is the [email protected] four-pronged initiative aimed at creating better employment opportunities for youths, unemployed graduates and women who want to return to work after taking a break of more than a year,” added Beh.

Budget 2020 also proposed to raise the minimum wage to RM1,200, from RM1,100, introducing measures to lower the cost of living cost, such as reducing toll charges and addressing the pressing needs of urban dwellers.