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RPGT hike will have no major impact on Dijaya

KUALA LUMPUR (Oct 2): Koong Wai Seng, executive director for property developer Dijaya Corp Bhd, said the recent hike in real property gains tax (RPGT) would not have any major impact on the property developer's stock.

"I really don't see a big impact on our stocks because it's really more towards cooling off speculative activities," Koong told theedgemalaysia.com.

Speaking to the media after Dijaya's signing agreement for its RM500 million commercial papers and medium term notes today (Tuesday), Koong said he sees the RPGT rate hike as a good move by the government.

"We don't want to see the market overly heated by speculation. We are looking for sustainable markets so we're happy with the government's move, which we think is enough to maintain the sustainability of the market at the moment," he said.

Dijaya recently increased its land bank to 913 acres following the completion of its recent amalgamation exercise. The lands — mainly located in the Klang Valley, Johor, Penang and Sabah — will be developed by the group over the next 10 to 15 years and have an estimated gross development value (GDV) of RM38 billion.

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