PENANG TO REVIEW CHARGES ON DEVELOPERS
This is to make property prices more affordable
THE state government is reviewing charges imposed on developers to make property prices more affordable. State Housing, Local Government, Town and Country Planning Committee chairman Jagdeep Singh Deo said the state planning committee had decided on the review at the request of Chief Minister Chow Kon Yeow.
He said the charges inflated the prices of properties, which would be borne by consumers, but were expected to fall after the review.
“I have established a committee to conduct the review.
“It is compiling the charges,” he said after attending the Penang Mapex 2018 here yesterday.
Earlier, Chow, who is Padang Kota assemblyman, launched the event organised by the Real Estate and Housing Developers’ Association Malaysia (Rehda) at Udini Square here.
Jagdeep said upon compilation of the charges, the committee would seek suggestions from Rehda before making a decision.
He said among the charges to be reviewed were those for development, infrastructure and amenities.
Rehda Penang chairman Datuk Toh Chin Leong said according to the National Property Information Centre 2017 report, the residential overhang in Penang was less encouraging, as the numbers had increased during the review period.
He said developers were stuck with a high number of unsold stocks.
Toh said Rehda was thankful to the state government for assisting in promoting Mapex 2018 by providing incentives, such as the waiver of the levy on foreign purchasers and the two per cent levy on sub-sales within three years.