Today, Prime Minister and Finance Minister Datuk Seri Anwar Ibrahim presented the Malaysian Budget 2025, with significant provisions for housing and development. Below are the key takeaways:

Support for First-Time Home Buyers

• The government’s Housing Credit Guarantee Scheme (SJKP) will now guarantee loans of up to RM500,000 for first-time home buyers purchasing homes on wakaf land.
• The SJKP has approved RM12.8 billion in government guarantees, benefiting over 57,000 first-time home buyers.

Housing Tax Relief

• A tax relief of up to RM7,000 is available for the purchase of residential properties priced up to RM500,000, aimed at encouraging first-time homeownership.
• For properties priced between RM500,000 and RM750,000, a tax relief of up to RM5,000 is offered.
• These reliefs can be claimed for three consecutive assessment years for sale and purchase agreements completed between January 1, 2025, and December 31, 2027.

Affordable Housing Initiatives

• The government has allocated RM900 million to implement 48 People’s Residency Programs (PRR) and 14 Rumah Mesra Rakyat (RMR) projects, including new PRR developments in Port Dickson and Seberang Perai Tengah.
• By the end of 2025, 30 PRR projects are expected to be completed, benefiting nearly 17,500 new residents.
• A maximum of RM90,000 in financial aid will be provided for the construction of new homes, including for residents of the hardcore poor housing programme (PPRT), fishermen, and Chinese new villages.
• The maximum allocation for people’s homes repair assistance has been increased to RM20,000.
• UDA Holdings Bhd (UDA) will receive RM200 million to develop affordable housing on wakaf land, while the Public Sector Home Financing Board (LPPSA) will support civil servants purchasing homes on such land.

Housing and Facilities Maintenance

• RM200 million has been earmarked for the maintenance of low- and medium-cost public strata homes, including replacing old elevators.
• RM100 million will be used to upgrade 48 Madani Public Parks, enhancing recreational spaces across cities and towns.
• RM84 million has been allocated to upgrade basic and social facilities in Chinese New Villages.
• The Housing and Local Government Ministry will coordinate efforts to address the needs of Indian settlements.

Sinaran Residences has officially become a freehold development! This milestone provides Paramount Property’s valued homeowners with long-term benefits and a greater sense of ownership security. Their heartfelt testimonials speak to the happiness this change has brought to their lives:

“Sinaran Residences, now a freehold property, is a legacy I look forward to passing down to future generations.”, Mr. Alan Khor

“I’m truly exhilarated by the change of status as it strengthens the ownership security of my home.”, Ms. Noor

“Freehold ownership provides me with enhanced ownership security, which I am truly thankful for.”, Mr. Kam

“The conversion to freehold is a significant benefit to us homeowners and helps reduce future hassles.”, Mr. Nadarajan

“I chose Sinaran Residences for its convenient location, modern design, and comprehensive amenities.”, Ms. Chuan

This transformation brings peace of mind and lasting value to the residents of Sinaran Residences.

Expansion works on Penang International Airport (PIA) have officially begun, with the RM1.5 billion project set to be completed by 2028. The project is divided into three key packages aimed at enhancing the airport’s capacity and facilities to meet growing passenger demand.

Penang Tourism and Creative Economy Committee Chairman Wong Hon Wai announced that the appointed project team is already on-site, carrying out preparations. “Package 1 focuses on the construction of ancillary buildings and associated works, while Package 2 will upgrade the apron and airside facilities. The main terminal building expansion will be undertaken under Package 3,” Wong explained.

Additionally, the project team will coordinate with MRT Corp to build a light rail transit (LRT) station near the terminal, enhancing connectivity to the airport.

PIA has seen significant growth in passenger movement this year. Between January and September, the airport recorded a 6.78% increase in total passengers, with 5,553,881 passengers passing through its gates compared to 5,201,419 in the same period last year. Wong estimates that by the end of 2024, the airport will handle around 7.8 million passengers, up from seven million last year. Once the expansion is complete, PIA will have the capacity to accommodate 12 million passengers annually.

The upgrades include the installation of 10 new autogates in the international departure and arrival halls, set to begin in November, along with the deployment of 30 additional Immigration personnel. The Immigration Department has also set up a Malaysia Digital Arrival Card (MDAC) help desk to assist foreign travelers.

Once complete, PIA will become Malaysia’s second-largest airport, with an increased aircraft parking capacity of 28 commercial planes, up from the current 16.

Come and meet PDC Properties at ‘PDCP Customer Day 4.0’ to learn more about their latest and upcoming projects! Don’t miss out on the exclusive promotions for Cassia Cempaka Freesia 2 homes:

• ✔️ EV Charging Socket
• ✔️ 5% Bumiputera Discount (Terms & conditions apply)

Enjoy FREE COFFEE while chatting. See you there!

📅 Date: 19th October 2024 (Saturday)
⏰ Time: 10:00 AM – 3:00 PM
📍 Venue: PDC Sales Gallery, Batu Kawan

☎️ For more information, contact: 04-240 1999.

For illustration only

Fajarbaru Builder Group Bhd has announced its entry into a significant joint development project with Penang Development Corporation (PDC) in Bandar Cassia, Batu Kawan. The development will include a medical city, Medi-City, and a mixed-use hub. Fajarbaru has agreed to pay RM111.45 million to PDC for the purchase of 51.17 acres of land for the first phase of the Medi-City project.

The land purchase is part of a larger acquisition that covers a total of 235.8 acres. Fajarbaru will buy the first parcel in 2025 and has been granted the right to purchase an additional 184.63 acres (Parcel 2) within 12 months of finalizing the master purchase and development agreement (PDA). The terms and conditions of the PDA are still being negotiated, and further announcements are expected after the agreement is signed.

The development offers Fajarbaru an opportunity to expand its presence in Penang, especially within the healthcare and mixed-use development sectors. Of the 51.17 acres in Parcel 1, 15.3 acres will be designated for healthcare components, including a 200-bed hospital and various medical facilities. The remaining 35.8 acres will be allocated for residential and commercial developments, supporting the vision of creating a vibrant mixed-use hub in Batu Kawan.

Fajarbaru and PDC have outlined several conditions that must be met before the master PDA can be finalized. These include securing pre-establishment approval for hospital zoning from the Ministry of Health and identifying an operator for the hospital within 12 months. PDC will also be responsible for obtaining freehold status approval from the state authority, while Fajarbaru needs to secure shareholder approval within six months.

In addition to the medical city, the 235.8-acre master plan will feature a wellness village, a medical education hub, a health-tech park, a waterfront commercial centre, and seaview residences. Fajarbaru also announced a profit-sharing agreement with PDC, with a minimum rate of 15% for the mixed-use development on Parcel 1, payable over eight years.

Fajarbaru plans to fund the project through a mix of internal funds, bank loans, and equity funding. The company, which ended June 2024 with a net cash position of RM83.65 million, saw its shares rise slightly by 1.2% to close at 43 sen, giving it a market capitalisation of RM320.22 million.