Property News: Bursa Malaysia, Mah Sing Group, and Knight Frank Malaysia on Prihatin


Bursa Malaysia’s Positive Market Outlook

Bursa Malaysia ended higher today buoyed by a strong market optimism and outlook for the domestic market following the unveiling of RM250 billion Rakyat Prihatin economic package by Prime Minister Tan Sri Muhyiddin Yassin earlier.

According to an analyst, the stimulus package is a comprehensive approach by the government to tackle the obstacles faced by everyone including corporate sectors, and is expected to boost the economy in the long run.

“Besides putting money into people’s hands, consumer power and jobs will continue to be on the upside, while purchasing power will trend higher,” she said.

Source: Malay Mail

Mah Sing Group on Prihatin Package

The Prihatin Rakyat Economic Stimulus Package (Prihatin) is a decisive and substantial set of proposals to address the uncertainty faced by vulnerable groups and sectors, describes property developer Mah Sing Group Bhd.

Prihatin, the RM250 billion package would ensure immediate cash injection for:

  • Bottom 40% household income group (B40)
  • Middle 40% household income group (M40)
  • Small and medium enterprises (SMEs)

Its main purpose is to preserve jobs, protect businesses and boost the economy which was affected by the Movement Control Order (MCO) in battling COVID-19.

Source: Malay Mail

Knight Frank Malaysia Suggests More Initiatives on Top of Prihatin

Knight Frank Malaysia applauds the Prihatin Rakyat Economic Stimulus Package (Prihatin) but feels more initiatives should be directed to sustain the economy and businesses.

Since the Movement Control Order (MCO), there have been disruptions to the property transaction process – buyers and sellers have adopted a wait and see approach. More job layoffs may result in an increase in non-performing loans that would lead to more auctions in the market.

Besides the automatic six-month moratorium on all bank loans, Managing director Sarkunan Subramaniam suggests:

  • Property taxes waivers such as quit rents and assessment for the second half of 2020
  • Further stamp duty to be reduced and tax reliefs for landlords who grant rent waivers to their tenants

We have asked Ohmyhome’s Real Estate Negotiator Sherene Chin on her views on Bursa and Prihatin, she said, “This is definitely a good move by the government. A lot of SMEs suffer huge losses from the MCO, and without any support, many entrepreneurs will need to wind up their businesses or retrench employees.”

Source: The Borneo Post

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