Chua
KOTA KINABALU (Nov 29): The Sabah Housing and Real Estate Developers Association (Shareda) welcomes the announcement of the new Bumiputera home policy, which will take effect on December 1, 2024.
This policy represents a historic and progressive move that opens up new opportunities for Bumiputera homebuyers to actively participate in the property market, offering them the chance to invest in their futures, said Shareda president Datuk Sr Chua Soon Ping.
“We are especially pleased to see the successful realisation of a key proposal that Shareda has been advocating for over the last two years. The decision to remove the resale restrictions and allow Bumiputera buyers to resell their houses at any time, without a holding period, is a major step in empowering property owners. This change will significantly enhance the liquidity of the property market, giving Bumiputera buyers more flexibility and the opportunity to reap the full potential of their property investments,” he said in a statement today.
“Furthermore, we are proud that Sabah is the first state in Malaysia to implement such a transformative policy. This pioneering move sets a valuable precedent for other states to follow, demonstrating Sabah’s commitment to creating a more inclusive and dynamic property market for all,” added Chua.
He also said the timing of this policy change is particularly significant with the launch of the Sabah Malaysia My Second Home (MM2H) programme next year.
“The ability for Bumiputera buyers to freely resell their houses will allow them to take full advantage of property gains, further boosting the market’s attractiveness to both local and foreign investors. This, in turn, will generate more capital flow into the state, providing a boost to the economy and encouraging the growth of related industries.
“This policy is expected to stimulate an increase in property transactions, which will not only benefit the property sector but also have a ripple effect on other industries,” he said.
As more investments flow into Sabah, he said sectors such as tourism, hospitality, retail and F&B will see a surge in demand. Cafes, restaurants, hotels and other businesses will experience increased patronage, creating more job opportunities and fostering economic growth across multiple sectors.
Another important aspect of this policy is the potential to improve the accessibility of homeownership for Bumiputera buyers, who will now have more options and flexibility in choosing homes that meet their personal needs and financial capacity. This move could help alleviate some of the challenges faced by Bumiputera homebuyers, particularly in urban areas, by providing them with better opportunities for long-term property ownership.
Chua also said the improvements to the 30 percent Bumiputera quota, which ensures its application to all residential properties – whether landed or high-rise – further ensure that Bumiputera buyers will have greater choices and control over their property investments.
With the abolition of designated house lots for Bumiputera buyers, he said this policy grants homebuyers the flexibility to select properties that best suit their preferences and needs.
“A significant change with this new policy is that, starting from December 1, Bumiputera buyers will be able to apply directly to the Lands and Surveys Department (JTU) Land Office to have the Bumiputera restrictions removed from their property, without the need to refer to the Ministry of Local Government and Housing (KKTP). This simplifies the process and enhances the ease of property transactions for Bumiputera buyers.
“However, it is important to note that this policy will not affect existing native titles, ensuring that the legal rights of native landowners are fully preserved,” he said.
Shareda fully supports these far-reaching changes and stands ready to collaborate with the government in ensuring the success of this initiative.
“We believe this new policy will significantly empower Bumiputera buyers, stimulate property market activity, and drive broader economic growth for Sabah,” said Chua.
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