KUALA LUMPUR: LBS Bina Group Bhd (LBS) has requested for the government to consider reintroducing the Home Ownership Campaign (HOC) to spur demand and further encourage homeownership.
In its wishlist for Budget 2023, LBS said the effectiveness of the HOC was evident during its implementation between 2019 and 2021 as it provided more options and price points for potential homebuyers.
“To assist with homeownership, especially for those in the lower-income households, we propose that the government introduce lower financing costs for mortgages or offer rebates of up to 10 per cent to first-time homeowners to ensure that buying sentiment remains,“ it said.
In a statement today, LBS is also hopeful that the government would be able to deliver on their plan to allow the entry of 500,000 foreign workers from 15 countries in 2023 in order to overcome the shortage of labour in various sectors, especially the construction sector.
It has been estimated that 700,000 foreign workers had left Malaysia to return to their home countries during the COVID-19 pandemic.
“We hope that Budget 2023 will include initiatives such as reducing foreign worker levy while introducing a more efficient and transparent application process to shorten the time for foreign worker approvals.
“We also hope that the recently introduced Foreign Worker Recruitment Relaxation Plan and Illegal Immigrant Recalibration Plan 2.0 to expedite the approval process would fulfil their purpose,“ it said.
Meanwhile, in view of the delays in the completion of projects due to contractors facing difficulties in managing costs, LBS hopes that the government would consider placing a price cap on raw materials to prevent an exorbitant increase in prices.
It said that Budget 2023 is an opportunity for the government to assist the general public by alleviating the people’s financial burden, including in terms of homeownership.
“We look forward to the government’s commitment to ensuring the provision of adequate, quality and affordable housing segments in order for more people to own their dream homes,“ said LBS executive chairman Tan Sri Lim Hock San. - Bernama
