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Budget 2021: Industry feedback on stamp duty exemption for abandoned projects

KUALA LUMPUR (Nov 6): The government has announced that the stamp duty exemption on loan agreements and instruments of transfer given to rescuing contractors and the original house purchasers will be extended for another five years.

Read other Budget 2021 news on EdgeProp.my/Budget2021  

This exemption is effective for loan agreements and instruments of transfer executed from Jan 1, 2021 to Dec 31, 2025 for abandoned housing projects certified by the Ministry of Housing and Local Government (KPKT).

Rehda Malaysia president Datuk Soam Heng Choon

The stamp duty waivers for the white knights is hoped to encourage more contractors to come in and rescue abandoned units which eventually will realise the dreams of homebuyers to have their own homes.

National House Buyers Association honorary secretary general Datuk Chang Kim Loong

HBA supports this proposal as the affected buyers/victims have suffered a lot from the abandonment for no fault of theirs except for the lax and lack in the Ministry of Housing’s monitoring, supervision and enforcement process. The exemption will to a certain extent reduce the burden of the original buyers/victims.

KGV International Property Consultants (Johor) executive director Samuel Tan

Contractors should be incentivised to undertake such projects so that less buyers will be affected. This is a far-sighted move to pre-empt the repeat of such a dilemma.

CBRE | WTW group managing director Foo Gee Jen

Developers and first-time buyers of abandoned housing projects which have been revived will also be entitled to full stamp duty exemption for the document of transfer of title and loan agreement for the period Jan 1, 2021 and Dec 31, 2025. This may assist to rehabilitate some existing abandoned projects.

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