Let all home buyers enjoy stamp duty exemptions, group urges govt

Looi Sue-Chern Looi Sue-Chern Updated 7 years ago · Published on 29 Jan 2019 1:40PM · 4 Comments

Rehda Penang chairman Toh Chin Leong (centre) says few first-time buyers can afford homes priced above RM800,000. – The Malaysian Insight pic, January 29, 2019.

A REAL estate and developers’ association has urged Putrajaya to extend the stamp duty exemption to all house buyers.

The current policy, announced by Finance Minister Lim Guan Eng, last month applies only to first-time buyers and for homes priced between RM300,001 and RM1 million for the six months beginning January 1.

Developers are appealing for the policy to be extended to all buyers, said Toh Chin Leong, Real Estate and Housing Developers Association (Rehda) Penang chairman.

The current policy also includes units priced at RM800,000.

“How many first-time home buyers can afford units in that range? It will be more beneficial to extend the stamp duty exemption to all buyers.

“It will help developers sell off their old stock,” he said at a press conference at Rehda Penang’s office today.

The threshold from RM1 million to RM2 million could also be increased to cover more types of homes, said former Rehda Penang chairman Jerry Chan.

Rehda Penang has already appealed to the federal government.

Chan said the Housing and Local Government Ministry is expected to announce on Thursday whether it has accepted the Rehda request.

At the state level, the group is seeking an extension for the 3% levy waiver for foreign house buyers.

The state is allowing the levy waiver for a month, starting February 1, which is Friday.

Toh said the time frame is too short to allow foreigners wishing to buy a home to enjoy the waiver.

Rehda Penang has asked that the waiver is extended to June.

Earlier, Rehda Penang announced its 2019 Malaysia Property Expo from February 7 to 10 from 10am to 9pm at Udini Square.

Participating developers and agencies are IJM Land, SP Setia, Asas Dunia, Airmas Group, Chong Company Group, Ivory, PLB Homes, Penang Development Corporation (PDC) and the state housing department.

In Penang, those interested to buy affordable homes, low-cost and low-medium-cost homes must register with the housing department. They are entitled to a 10% discount at the expo. – January 29, 2019.

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Comments

  • Revise back RPGT to the old levels. The level starting at 30% is ridiculous and with 5% perpetual. Government needs to bring back some life into property market

    Posted 7 years ago by Derrick Tan · Reply

    • Rpgt is to make sure retirees continue pay taxes on their savings when they need to cash in their chips after a life long sentence of hard labour.

      Posted 7 years ago by Mr Anderson · Reply

  • It will help developers sell off their old stock,...
    Why did you build so many in the first place? When you can't sell what you built and lost money you want the tax payers to fund your failure?
    When your project sold like hot cake you never thought of giving back anything to the buyers but instead you raised the house prices further to maximise your profits.

    Posted 7 years ago by Chee yee ng · Reply

  • Developers took the risk of building and building capitalising on rising prices so why should the public be generous and give up tax revenue to assist them. Developers are private entrepreneurs thinking only of making a profit. There is no reason that the public should help them as they do not share the excessive profit they make with the public

    Posted 7 years ago by Michael Raj · Reply