Mah Sing Group Bhd said the campaign, first introduced in 2019 and last held in 2021, was vital in supporting homebuyers and reducing property overhang.

Mah Sing founder and group managing director Leong Hoy Kum said such measures from the government would lead to a multiplier effect on more than 140 industries, benefitting the overall economy in turn, Bernama reported.

“The incentives given under the HOC have proven vital in helping homebuyers while reducing the housing overhang situation, such as the 100% stamp duty exemption for properties priced from RM300,001 to RM1 million.

“Offering a 10% discount on the property purchase price for first-time homebuyers will also help in promoting homeownership,” he said.

Leong also suggested that Putrajaya introduce a one-off RM30,000 grant for first-time homebuyers buying properties costing up to RM500,000.

He said this would alleviate the financial burden on young Malaysians and those in the middle-income group, especially if they reside in urban areas where property prices are still rising.

Under the HOC, stamp duty waivers on loan agreement and instrument of transfer, a minimum 10% rebate and various freebies were given to Malaysian house buyers during the campaign period.

Leong also proposed reintroducing tax deductions for housing loan interest, a policy that was briefly in place from 2009 to 2010.

“This tax relief provided significant financial support to first-time homebuyers by allowing a deduction of up to RM10,000 per year on interest paid on housing loans for three consecutive years,” he said.

He also called for Putrajaya to reduce or remove compliance costs and to streamline approval processes in order to lower development costs, and thus house prices.

“Simplifying regulatory processes and expediting approvals would help developers reduce project timelines and costs, making housing more affordable for the masses,” he said.