The Malaysian Insight

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.