The Housing Credit Guarantee Scheme announced by the Government in Budget 2022 which will provide up to RM2 billion guarantees to the banks to assist gig workers, small scale entrepreneurs and farmers to acquire homes and the Home Ownership Campaign (“HOC”) introduced in Budget 2021 to stimulate real estate industry with stamp duty exemptions for Instruments of Transfer and Loan Agreement augurs well for the property industry. The reduction of Real Property Gains Tax from 5% to 0% for individual who disposes property in the sixth year or thereafter will further help to improve the property market sentiment. Moving forward, we continuously explore joint ventures and identify new good landbanks for development to ensure sustainability and growth. MKH Berhad 27 PROSPECTS The Board is optimistic and expect to achieve satisfactory results for fnancial year ending 30 September 2022 (“FY2022”) amid the current challenging business environment due to the prolonged COVID-19 pandemic impact on the economy and businesses in Malaysia and globally. Management Discussion and Analysis Report Property Development and Construction With the unbilled sales of RM947.2 million as at 30 September 2021 (FY2020: RM1.02 billion), the Group is well positioned for FY2022 with new and ongoing developments such as MIRAI Residences @ Kajang 2 Precinct 1, Nexus @ Taman Pertama, Hillpark @ Shah Alam North, Inspirasi @ Mont Kiara, Kajang East Precinct 1, MKH Boulevard 2, Nexus @ Kajang Station, Bandar Teknologi Kajang Shops, Hillpark 3 Phase 1B Shop, Kajang East Avenue Shops. The unbilled sales of the Group will provide sustainable income recognition for the next two (2) years. In addition, the new project launches which are strategically located in Kuala Lumpur, Cheras and Kajang will further contribute to the unbilled sales. Our FY2022 planned launches with total estimated Gross Development Value of RM942.1 million are in line with the Government’s encouragement for more affordable residential projects and transit-oriented development (“TOD”) which will be phased according to the prevailing market sentiments. It comprises mainly of the transit-oriented service apartment development namely TR2 Residence @ Jalan Tun Razak, MIRAI 2 @ Kajang 2 Precinct 2, landed residential development namely Zenia @ Hillpark Shah Alam and Akina @ Kajang 2 Precinct 3. Artist’s impression of TR2 Residence @ Jalan Tun Razak which provides convenience living with generous facilities and a spectacular Kuala Lumpur city view
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