PETALING JAYA:  Proposals announced in Budget 2010 seem to lack the needed impact for the property sector. Prime Minister Datuk Seri Najib Razak tabled the Budget in Parliament on Oct 23.  Property consultants in their initial reactions have little to say about the Budget.

Allan Soo, managing director at Regroup Associates Sdn Bhd, even described it as a “no-goodies” Budget.

KUALA LUMPUR: The Real Estate and Housing Developers’ Association Malaysia (Rehda) is concerned about the re-imposition of the Real Property Gains Tax at 5% for disposal of real property effective next year.

Its president, Datuk Ng Seing Liong said such an imposition is counter productive to the efforts to stimulate the property market, especially in the current global economy.

KUALA LUMPUR: The government’s effort in promoting green technology and waiver of stamp duty for buyers of Green Building Index (GBI), a green rating index, certified properties will further spur the demand for environmentally friendly projects in Malaysia, said Tan Sri Leong Hoy Kum, group managing director, Mah Sing Group Bhd in a press statement released Oct 23.

KUALA  LUMPUR: In a move to encourage the adoption of the Green Building Index (GBI), a green rating index launched on May 21, 2009, the government will give income tax exemption to building owners obtaining GBI certificates from Oct 24, 2009 until Dec 31, 2014, announced Prime Minister Datuk Seri Najib Tun Razak in presenting the 2010 budget on Oct 23.

KUALA LUMPUR: As expected, it was a quiet Budget 2010 for the property sector. Here are some highlights in Malaysia’s Budget 2010 tabled in Parliament by Prime Minister Datuk Seri Najib Razak on Oct 23:

KUALA LUMPUR: The Federal Government's total tax revenue for this year is expected to register a 1.4% increase to RM162.1 billion or 23.4% of GDP, on higher investment income and also from petroleum income tax (Pita).

KUALA LUMPUR: The services sector, which accounts for more than half of the country's economy, is expected to grow 3.6%  in 2010 from 2.1% in 2009, underpinned by a favourable performance in several sectors.

KUALA LUMPUR: Kuala Lumpur City Hall (DBKL) will submit a paper to the Cabinet on the controversial Damansara 21 project in Medan Damansara, Kuala Lumpur by SDB Properties Sdn Bhd.

KUALA LUMPUR: The government remains committed to enhance the country's competitiveness by further liberalisation and market driven policies, says Datuk Seri Najib Razak.

In his preface to the Economic Report released on Friday, Oct 23, the Prime Minister said the government remained committed to greater accountability and transparency.

KUALA LUMPUR: The Budget 2010 will lay the foundation for the new economic model and the formulation of the 10th Malaysia Plan.

The Economic Report released on Friday, Oct 23 said measures would be taken to move the country to a high-income economy.