news

Housing and Local Govt Ministry seeks alternative ways to overcome property overhang

KUALA LUMPUR (Aug 27): The Ministry of Housing and Local Government (KPKT) says it will find alternative ways to overcome the property overhang situation other than imposing a vacancy tax for developers who fail to sell their properties.

Minister Zuraida Kamaruddin said a decision on the imposition of a vacancy tax on unsold units has not yet been made, although the proposal was based on figures the ministry obtained showing that unsold units are priced at RM500,000 and above.

"KPKT takes the stand that we will find other methods to prevent developers from building houses that do not meet the people’s needs.

"Before developers begin their construction, KPKT will look at whether there are projects proposed by them that are viable and meet the needs of the people,” she said at the Dewan Rakyat today.

She was replying to a question from Chang Lih Kang (PKR-Tanjong Malim) on the rationale behind the ministry’s proposal to implement a vacancy tax on developers who are unable to sell their completed houses.

"When we have developed a data system, we should be able to get the right projection because then they (developers) would be able to assess by using statistical information to help them plan their construction in future,” said Zuraida.

EdgeProp Malaysia Virtual Property Expo 2020 (VPEX 2020) is happening now! Find out more exclusive projects and exciting deals here

Stay safe. Keep updated on the latest news at www.EdgeProp.my 

Click here for more property stories.

Looking for properties to buy or rent? With >150,000 exclusive listings, including undervalued properties, from vetted Pro Agents, you can now easily find the right property on Malaysia's leading property portal EdgeProp! You can also get free past transacted data and use our proprietary Edge Reference Price tool, to make an informed purchase.
SHARE
RELATED POSTS
  1. PKR unable to serve RM10m lawsuit to Zuraida — lawyer
  2. Malaysia envisions having sustainable, competitive and disaster-ready cities
  3. Standardisation of regulations, taxes for hotels and Airbnb to be finalised by year end