People who purchase homes at the upcoming Malaysia Property Expo (MAPEX) 2018 in Penang will be exempted from paying approval fees if they complete the deal in one month, reported Free Malaysia Today.
“Due to the soft housing market and slow economy, the state government has agreed to waive the 1.5 percent approval fees for foreign buyers, and 2.0 percent approval fees for those who decide to sell their property purchased in under three years,” said Penang’s Housing Committee Chairman Jagdeep Singh Deo on Thursday (5 July).
“This will be from July 22 to August 22. But it is also on condition that (MAPEX’s organiser) Real Estate Housing Developers’ Association (REHDA) will pay the fees instead of buyers. These will go into Tabung Harapan.”
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Previously, the state government introduced the aforementioned approval fees in 2004 to control the previously hot property market. Jagdeep said this has helped stabilise the housing sector, as recent figures reveal that 75 percent of sales consist of residences costing under RM500,000.
According to REHDA Penang’s immediate past president Jerry Chan, they requested this exemption in a bid to stimulate the state’s sluggish residential property market.
“Such a move will also spur the economy. Not only is it good for developers, other related sectors also stand to benefit,” he said.
MAPEX Penang 2018, which will also exhibit low-cost dwellings, will be held at Udini Square shopping mall at Gelugor in George Town on July 20 to 22.
This article was edited by the editorial team of PropertyGuru. To contact them about this or other stories email editorialteam@propertyguru.com.my
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