Rehda Looks Forward to National Campaign to Tackle Property Overhang
Bernama, 30 Jan 19
clock 30-01-2019
hit 410

“The Home Ownership Campaign is a positive move to reduce the number of overhang (unsold) properties in Penang,” he told a press conference here.

The Home Ownership Campaign was reintroduced to encourage home ownership, especially for first-time buyers, with developers offering a 10 per cent discount on existing unsold properties.

At the same time, he also appealed to Lim for additional incentives for the upcoming Malaysia Property Expo (Mapex) 2019 to be held at Udini Square near here on Feb 7 to 10.

Toh proposed that stamp duty exemptions for properties priced between RM300,001 and RM1 million from Jan 1 to June 30 be applied to all property buyers rather than just first-time home buyers.

“We (Rehda) also suggested to Lim that the stamp duty exemption should apply to properties priced between RM300,001 and RM2 million instead of RM1 million,” he added.

He also said that the one-month period for a three per cent levy waiver for foreign property purchasers starting next month, as announced by the State Government yesterday, is too short.

Yesterday, State Housing, Town, Country Planning and Local Government Committee chairman Jagdeep Singh Deo said that the waiver was offered as another approach to tackle the overhang issue in the state.

“We do welcome the offer but with February being only a few days away, it is very unlikely for the foreign purchasers to enjoy this incentive given this short amount of time,” he said, while proposing that the waiver period should be extended until the end of June.

Use a Facebook account to add a comment, subject to Facebook's Terms of Service and Privacy Policy. Your Facebook name, photo & other personal information you make public on Facebook will appear with your comment.


Monthly Column
The staple of your property-related materials. It's all about being ahead of the game and with The Column, you get carefully selected information that will keep you informed and running with the pack. The best news, articles and properties on the market from the Property Hunter portal, conveniently wrapped and ready, just for you.

Weekly Window
Your weekly dose of what's hot and what's not in property. The window is your view into the realm of real estate in Malaysia, curated from our portal based on the most popular pieces over the week. For those who just can't get enough, this is for you. Ain't nobody got time for dailies anymore, weekly is the new daily.