News by Tan Ai Leng

Sold for: RM1.65 million (average RM878 psf); Concluded by: Carmen Lee (REN 12639, 012-207 3989) and Chris Ng (REN 07811, 019-614 8656) of Reapfield Properties; When: August 2019

Under Budget 2020, the RPGT rate is maintained at 5% (10% for companies and foreign owners) if the property is sold after the fifth year, however, the valuation base year has been adjusted to year 2013, from year 2000.

Developers may ignore building affordable homes and focus on constructing luxury properties priced above RM600,000 targeting foreign buyers.

RHB Research Institute senior analyst Loong Kok Wen deemed the property-related measures announced in the Budget 2020 today as “neutral to positive” and expect market sentiments to be slightly lifted.

Rehda Institute also appreciated the government’s effort in introducing the Home Ownership Campaign (HOC) which has generated strong market interest and achieved good sales results. The association hopes the government will consider extending the campaign to next year in light of its success.

“Being the Royal Town of Selangor, Klang has so many stories to tell, but we are not going to do it by talking. What beats the fun of experiencing it?”

The RPGT which had seen a new schedule of rates take effect at the beginning of this year is hurting property owners by trimming their profit margin.

Paramount Property CEO Beh Chun Chong said the 41-acre freehold development has a GDV of RM570 million. It will comprise 418 units of two-storey terraced houses, superlink houses and semidee homes with a modern sleek design.

Rehda president Datuk Soam Heng Choon: There were no HOC events for overseas buyers organised by Rehda and HOC is not meant for foreign buyers.

“Industry players expect market sentiments to improve in the first half of next year, driven by seasonal effects such as Chinese New Year, companies giving out bonuses or salary increments which could help boost property sales.”