S P Setia: Budget 2022 continues to prioritise homeownership

PETALING JAYA (Oct 29): Property developer SP Setia commends the newly announced Budget 2022 announced by Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz as it continues to prioritise homeownership.

S P Setia CEO Datuk Choong Kai Wai said that they appreciate the availing of a government guarantee of up to RM2 billion to banks under the Housing Credit Guarantee Scheme.

“This will be useful to help those who can repay the mortgage loan but have no proof of fixed income to get approval for said loans and help those who are in this predicament to purchase their own homes.

Commenting on the removal of the Real Property Gains Tax (RPGT) for property owners who sell their properties after the sixth year, Choong said, "While six years' holding is relatively long, we hope that it will help spur the sub-sale market and will indirectly help invigorate the supply chain and rejuvenate the property industry”.

He added that the RM1.5 billion allocated to the continuation of current housing programmes for low-income earners is a welcome move as it would continue to help eligible low-income earners own their dream homes.

“The government must continue to prioritise homeownership as a key national policy as it will also help boost the property market,” Choong noted.

Meanwhile, the developer also lauded the government’s introduction and focus on green budgeting in driving the sustainability agenda, as aligned to the 17 Sustainable Development Goals (SDG).

“Setia is committed to its sustainability journey as its vision is to become an even more sustainable digital player in the long term. Hence, the government’s focus on the SDG agenda is apt and timely,” Choong added.

However, the developer noted there was no reduction on individual income tax rates, especially for those affected by the lockdowns, which Setia had hoped for. 

“Nevertheless, we are heartened to see one-off exemptions provided to help those in need,” he concluded.

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