The Home Ownership Campaign (HOC) has exceeded the RM15 billion sales target, selling 27,823 residential units worth RM17.66 billion as of 11 November.
Housing and Local Government Minister Zuraida Kamaruddin revealed these figures during a recent parliamentary reply, reported The Malaysian Reserve.
Launched earlier this year, the campaign aims to mop up the excess properties amounting to billions of ringgit. Under the scheme, purchasers are offered many incentives that include free stamp duties and lower prices.
Zuraida also highlighted the homes under the 1Malaysia People’s Housing Programme (PR1MA) which had a good take-up rate under the HOC.
PR1MA homes with a collective amount of RM3.4 billion were sold as of September, exceeding the earlier target set at RM1.5 billion. Via the HOC-related events, 16,200 homes under PR1MA were sold, with pending loan approvals for 4,000 units.
PR1MA offered up to 30% discounts to new buyers for its housing projects under the HOC.
Meanwhile, the Real Estate and Housing Developers’ Association Malaysia (Rehda) revealed the sale of 19,784 residential units amounting to RM14.65 billion as at 13 September. The sales figure did not include units priced below RM300,000 and those priced above RM2.5 million.
Datuk Soam Heng Choon, Rehda president, explained that most of the contributors to the HOC sales were Rehda’s members, while 1,002 non-member developers made up 5% of the sales.
The HOC closes at the end of 2019, with property developers already doubling their promotion and marketing activities to entice buyers.