Despite the mild reception of the budget by the property sector, Maybank Investment Bank Bhd (Maybank IB) has maintained a POSITIVE rating in the sector.

While the Home Ownership Campaign (HOC) was not mentioned by the government last Friday, the research house argued that the initiative would have benefitted smaller developers more than the larger, well-established players who already have strong branding and marketing strategies in place.

Looking ahead, Maybank IB has identified potential investment opportunities within the sector, particularly through the expected incentives for the Johor-Singapore Special Economic Zone, which are anticipated to be announced by the end of 2024. Additionally, developments surrounding the KL-Singapore High-Speed Rail project may provide further trading opportunities for investors.

However, long-term drivers for the sector are expected to come from asset crystallisation activities such as land sales or the listing of developers' non-core operations, including healthcare or investment properties.