“Our themes have always been to support the government’s initiatives as how all our other MAPEXes have been,” says Datuk Ng Seing Liong, Chairman of the MAPEX Committee.
It is a game of stamina but it is also a question of affordability and sustainability when it comes to purchasing and subsequently owning a piece of property, says Datuk Ng who is also the Immediate Past President of REHDA. The measures announced in the Budget 2011 are focused on encouraging first time home ownership among Malaysians. Thus, MAPEX too skewed its theme to be in line with government initiatives, gathering a concoction of varied housing products all under one roof!
What would be the theme for the coming MAPEX in March?
The government has rolled out in its Budget for 2011 to make 100% loan available for first time house buyers in its Skim Rumah Pertamaku through Cagamas Bhd where Cagamas will provide a guarantee on down payment of 10% for purchase of property valued not more than RM220,000. With that we may want to focus on letting the public know how to get this 100% financing facility. As such, the coming MAPEX will hover along the lines of making home ownership simple, in line with the government’s initiatives.
What can people expect? Who and why should they attend?
As usual we will have a wide range of exhibitors giving you an even wider range of housing products to choose from. With the government encouraging home ownership, first time house buyers who do not have that 10% deposit can take advantage of this financing facility (for purchases of residential property not more than RM220,000).
What would be the major and interesting highlights?
The emphasis would be on the financial aspect where we hope the information and guidelines on how to get this 100% financing facility would be finalized. People are aware of this but are unsure of how to go about getting this facility as you are deemed to pay that 10% the moment you sign the Sales and Purchase Agreement. At this point, we are looking into inviting Cagamas to give a talk regarding this and to probably come out with pamphlets to disseminate the information.
There will also be a lucky draw during this three-day affair, and lucky visitors may even end up getting a surprise gift!
Do you think the initiatives taken or policies by the government (e.g. 70% loan-to-value ratio, GTP, ETP) are effective and accommodative toward the property market?
I think it is good and we should applaud the government for what they did in the Budget 2011 where first time house buyers are given 50% stamp duty exemption on instruments of transfer and loan agreement for houses below RM350,000, and the 100% loan facility for houses worth not more than RM220,000.
Dreamer’s Guide with Datuk Ng Seing Liong
As far as the market is concerned, there shouldn’t be any surprises in 2011 as things are actually quite stabilized. There is no crisis here in Malaysia. Before the Global Financial Crisis could hit us, the government has already taken the necessary measures and the stimulus packages have already taken care of a lot of things.
Where we are in the property cycle depends on the location. A lot of locations are still a buyer’s market; very few selected locations are a seller’s market. There is a craze though to rush and buy at certain locations; these are places where people get caught and may have bought overpriced properties where prices do not substantiate the
land and construction cost.
I think the present trend is that people tend to over emphasize on security. Those in the gated and guarded community, they still command a higher value. But there’s a lot of misconception. They catch on your psychology of telling you that the place is safe. How safe, we do not know. Who are the guards? These are the things we need to know.
18-20 March 2011, Mid Valley Exhibition Center, Kuala Lumpur