Will new home buyers get up to 10 per cent discount on prices?

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New Home Buyers May Receive Up To 10 Per Cent Discount on New Units

New home buyers can anticipate discounts of between five to 10 per cent on the prices of newly launched housing units in the upcoming months. This potential reduction is contingent on developers passing on the benefits of the Sales and Services Tax (SST) exemption on construction materials, with the government indicating a willingness to reimpose the SST if price reductions are not observed.
Discount Applicability to New Housing Projects

The anticipated discounts are specifically applicable to newly launched housing units, excluding low-cost housing projects which are already under a controlled pricing category. This measure is intended to stimulate the market for properties that are yet to be constructed by encouraging developers to lower their prices. The Finance Minister, Lim Guan Eng, has expressed a desire for a 10 per cent discount, indicating that the government will provide time for the Real Estate and Housing Developers' Association Malaysia (Rehda) to work towards this goal.
Government Stance on Price Reductions

The government's primary objective is to see a direct reduction in house prices, rather than developers offering additional perks such as freebies and rebates. Lim Guan Eng has been clear that if developers do not lower the prices of new homes after being exempted from the SST on construction materials, the government will consider reimposing the six per cent SST. This policy aims to ensure that the tax exemption translates into tangible savings for consumers.
Rehda's Response to Price Reduction Requests

The Real Estate and Housing Developers' Association Malaysia (Rehda) has responded positively to the federal government's request for developers to lower property prices. Rehda's president, Datuk Soam Heng Choon, has encouraged developers to consider price reductions, acknowledging that this would be subject to the location and type of projects. The association's engagement signifies a collaborative effort to address housing affordability.

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Will new home buyers get up to 10 per cent discount on prices?

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