Sabah-Malaysia My Second Home: Shareda offers online platform
Published on: Sunday, June 16, 2024
By: Hayati Dzulkifli
“There will be two ways of sending in the Sabah-MM2H application, one is by going through the licensed Motac agents and another one is via our online application. We will make an offer to the State government and we will let the Chief Minister or the Tourism, Culture and Environment Minister decide,” Chua said.
Kota Kinabalu: Sabah Housing and Real Estate Developers Association (Shareda) has proposed that applications for Sabah-Malaysia My Second Home (Sabah-MM2H) be submitted via online.
Its President Datuk Sr Chua Soon Ping said Shareda would bear all expenses in setting up the online platform for the State Government as another way to accommodate those interested.
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He said Sabah would be the first State in the country to have such online platform which would cut down on expenses if the State Government approves it.
“There was a little hiccup when launching the Sabah-MM2H recently due to suspension of licensed agents under Ministry of Tourism, Arts and Culture (Motac), to take in the applications of Sabah-MM2H.
“Hence, what we do is establish a website as the online platform so that applications can be submitted.
“Shareda is doing this as we want to help the State Government so that the Sabah-MM2H program runs smoothly with no hiccups,” he said.
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Chua said this at Shareda’s four-day PropEX 2024 themed “The Art of Building” by Deputy Chief Minister Datuk Seri Dr Jaochim Gunsalam who is also the Local Government and Housing Minister at Sabah International Convention Centre here on Friday.
Even if the Motac licensed agents issue was resolved, Chua said Shareda would still do the submission of online applications via its online platform.
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“There will be two ways of sending in the Sabah-MM2H application, one is by going through the licensed Motac agents and another one is via our online application.
“We will make an offer to the State government and we will let the Chief Minister or the Tourism, Culture and Environment Minister decide,” he said.
To a question, Chua said he would present the Shareda proposal upon returning from China, this month.
He said PropEX has always been the ideal place for all home buyers and investors to get the best deals, as all major developers and industry players are under one roof for four days to bring the best and most attractive deals.
As developers, he said they are always encouraged to build better projects with lower prices and Shareda always try its best in closing the gap balancing by implementation of a strategic approach to balancing supply and demand.
“The Malaysia My Second Home (MM2H) is not a new concept, it has been introduced since 2002 by the Federal Government in order to attract foreign investors to come to Malaysia for the grant of visa to stay for 10 years.
“But as we all known, Sabah has its own unique landscape and demands in regards to MM2H. So we have proposed for a Sabah- MM2H (SBH-MM2H) which caters specifically to our local scene. Among these proposed differences are:
- Fixed deposit of RM300,000 to Bendahari
- SBH-MM2H term is 5+5 years renewable
- Main applicants need to be at least 30 years old
- Must purchase 1 property minimum value RM600,000 (residential high rise or commercial suite) OR Landed RM1,000,000 and above
- Minimum of 30 days stay in Sabah per year for main applicant
- Government processing fee of RM500 per year
- Investors can choose to dispose the property after 5 years, provided that they need to purchase a new property
“With these proposed implementations in place, Sabah should have a significant upwards tick in economic movement when these foreign investors decide to move in.
“This surge of investors into Sabah to purchase or pre-select properties will cause a cascading effect, spilling over to other industries such as businesses, education and so on,” Chua said.
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