Penang Hill inches towards Unesco biosphere reserve status.

GEORGE TOWN: The Penang government is reviewing all charges currently 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.

“I have established a committee to conduct the review and it is currently compiling the various charges being imposed,” he told reporters at the Penang MAPEX 2018 yesterday.

Jagdeep also added that the charges inflated the prices of property which would be borne by the consumer, “but upon review, is expected to fall”.

I have established a committee to conduct the review and it is currently compiling the various charges being imposed. Jagdeep Singh Deo

Earlier, Chow, who is also state assemblyman for Padang Kota, launched the event organised by the Real Estate and Housing Developers’ Association Malaysia (Rehda) at Udini Square.

Jagdeep said upon compilation of the charges, the committee would seek suggestions from Rehda before making any final 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 (Napic) 2017 report, the residential overhang in Penang was less encouraging, as the numbers grew during the review period.

He said developers were still lumbered with a high number of unsold stock.

Toh said Rehda was grateful to the state government for its assistance in promoting MAPEX 2018 by providing special incentives, such as waiver of the levy on foreign purchasers and the 2% levy on subsales within three years.