Six business groups urge govt to delay SST expansion, warn of inflation and job losses
They specifically highlighted the proposed 8% tax on commercial rental and leasing services, deeming its timing "gravely misguided".
They specifically highlighted the proposed 8% tax on commercial rental and leasing services, deeming its timing "gravely misguided".
"Defer the SST on rentals until after Visit Malaysia Year 2026 to preserve industry stability and support tourism-linked growth.
The proposed Real Property Development Act will cover mixed developments, including retail and commercial properties, the Ministry of Housing and Local Government said in a statement over the weekend.
While Malaysia was not among the top cross-border capital destinations this quarter, there was a steady rise in enquiries, particularly for Kuala Lumpur, Penang’s industrial corridors, and Johor’s logistics and residential hubs.
Cross-border capital flows also rose by 12% to US$171 billion, underscoring the international appetite for real estate.
In the first half of 2024, KL's commercial property market witnessed a remarkable surge, with transaction volume increasing by 45.
The property comprises two office-suite parcels within Menara Southpoint in Mid Valley City, Kuala Lumpur.
Its property operating expenses stood at RM11.
It also saw net profit for the quarter increase 2.
The strong profit growth was driven by higher contributions from all its operating segments, namely the property investment of commercial and retail, property development and hotel businesses.