Penang To Review Charges On Developers, Property Prices Expect to Fall After

24 Jul 2018

In a bid to make property prices more affordable, the Penang state government has decided to review all charges currently imposed on property developers at the request of Chief Minister Chow Kon Yeow, reported Bernama.

“I have established a committee to conduct the review and it is currently compiling the various charges being imposed,” said State Housing, Local Government, Town and Country Planning Committee chairman Jagdeep Singh Deo at the Penang MAPEX 2018.

Upon compiling the charges, the committee would seek REHDA’s suggestions prior to making any final decision, he added.

Jagdeep noted that the charges had inflated property prices which would ultimately be shouldered by consumers. Upon review, however, he expects prices to fall.

Charges to be reviewed include those for development, amenities and infrastructure, he said.

REHDA Penang chairman Datuk Toh Chin Leong underscored that National Property Information Centre’s (Napic) 2017 report stated that residential property overhang in Penang was less encouraging given that the numbers increased during the period under review.

Developers still had a high number of unsold stock, he said.

Nonetheless, Toh thanked the state government for helping REHDA promote MAPEX 2018 by giving out special incentives, like waiving the levy on foreign buyers and the two percent levy on sub-sales within three years.

Image sourced from Sam Kam

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