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PETALING JAYA (Oct 24): The Real Estate and Housing Developers’ Association Malaysia (Rehda) deputy secretary general Tan Ching Meng urged the government to extend the zero stamp duty to property transfers worth up to RM500,000 from RM300,000.
The stamp duty exemption for property transfers of RM300,000 and below was announced during the tabling of Budget 2017 on Oct 21 by Prime Minister Datuk Seri Najib Razak.
Tan was speaking during the TheEdgeProperty.com’s Roundtable on Budget 2017 held today.
“We welcome the zero stamp duty but we hardly find homes at RM300,000 and below in big cities like Kuala Lumpur, Penang and Johor. I doubt it will help in stimulating the property market in these areas,” Tan said.
Hence, he believes more homebuyers especially first-time homebuyers would benefit if the exemption covers property purchases up to RM500,000.
Among other topics discussed during the roundtable was on how property prices can be reduced and the outlook for the property sector.
Other panellists were Rehda Malaysia deputy president Datuk Soam Heng Choon, Master Builders Association Malaysia president Foo Chek Lee, Rehda Johor chairman Datuk Steve Chong, Rehda Selangor chairman Zulkifly Garib and Rehda Kedah and Perlis chairman Datuk Rick Cheng. TheEdgeProperty.com managing director and editor-in-chief Au Foong Yee was the moderator.
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