Mah Sing wants govt to reinstate DIBS for first-time home-buyers

Mah Sing Group Bhd wanted the government to reinstate the Developer Interest Bearing Scheme (DIBS) in Budget 2016 only for the first-time home-buyers.

In a statement today, the property developer said the scheme would ease purchase of homes by genuine home-buyers by allowing them to lock in properties at current prices.

"This is in line with the government's aspiration to assist first-time property buyers," it said.

The property developer wanted the government to review the real property gain tax, including a minimum exemption to revive the property investments.

It said home-buyers had cited stringent bank lending standards as one of the reasons for being unable to own a home as quickly as they would had liked.

Mah Sing urged Bank Negara Malaysia to relax the lending requirements for both first-time and second time home buyers who aimed to upgrade due to expansion of family members.

Mah Sing Group Managing Director, Tan Sri Leong Hoy Kum, said the property sector has a larger multiplier effect than other industries and stimulating it would have a larger impact on the wider economy.

"We laud the government's continuous initiatives to encourage home ownership, especially first-time home-buyers. We are also aware of the government's concerns about the affordability of properties," he said.