What was the success of the Home Ownership Campaign in 2019?

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The 2019 Home Ownership Campaign Successfully Generated RM23.2 Billion in Sales

The Home Ownership Campaign (HOC) launched in 2019 achieved significant success, generating total sales amounting to RM23.2 billion. This figure surpassed the initial target set by the Pakatan Harapan government at the time, which was RM17 billion for the campaign.
Campaign Objectives and Benefits

The HOC was designed to stimulate the property market and facilitate home ownership. Participating developers were mandated to offer a minimum discount of 10 per cent on properties. Furthermore, buyers of residential units priced between RM300,000 and RM2.5 million benefited from waivers on stamp duties for both the Memorandum of Transfer and Loan Agreements.
Impact on Property Market and Economy

The campaign played a crucial role in addressing the property overhang and aiding the sector's recovery, particularly in the context of economic challenges. Beyond direct property sales, the initiative was intended to have positive economic spillovers. These include supporting demand for related services and activities, enabling developers to meet financial obligations like salary payments and loan repayments, and ultimately stimulating broader economic activity.
Revenue Considerations

While the continuation of the HOC was debated due to potential foregone stamp duty revenue, proponents argued that the increased sales would generate substantial corporate taxes from developers' profits. For instance, a conservative 10 per cent profit on RM36 billion in revenue could yield approximately RM864 million in corporate taxes, potentially offsetting the estimated RM500 million loss in stamp duty. This perspective highlights the broader economic benefits that outweigh short-term revenue considerations.

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What was the success of the Home Ownership Campaign in 2019?

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