Penang housing prices to drop up to 10%
Housing prices in Penang are set to drop by at least 10% with the implementation of the Sales and Service Tax (SST).
Real Estate and Housing Developers’ Association Penang (Rehda) hopes to bring down the overall housing prices by 10% for those costing above RM300,000 and 6% for affordable housing.
Rehda Penang chairman Datuk Toh Chin Leong said the association here would advise its members to lower the prices.
“We will talk to our members and if they can reduce by 10% immediately it would be great, if not it would apply to all new developments.
“The reduction will apply for all new projects after the implementation of SST this month,” he said during a press conference held by Finance Minister Lim Guan Eng at SPICE Convention Centre in Bayan Lepas.
Toh said replacing the Goods and Services Tax (GST) with SST had reduced costs and Rehda Penang would like its members to pass on any savings to the buyers “as we should not take advantage of it”.
Lim said it was a commendable move, which he hoped would be followed throughout the country.
“It is starting in Penang and is a positive move to reduce housing prices by 10% and 6% respectively.
“It is a good start by a responsible corporate body,” he said.
Source: TheStar.com.my
ouch…another blow to the flipper..
Penang Boleh!!!! Which project will be the first to have price drop? Anyone got info, can please share it here?
Drop of incomeTax and provide special loan rate for low income will be more practical..
Developer not really response to this implementation with reason they already provided rebate in previous package, but that was the offer before 1/Sep. Thought they should have addition reduction with sst taking place. Disappointed
@Investor
Metropol Project Penang. Have 10% rebate. Faster grab!
@Investor
Generally the pricing is dropping since last year. Lesser new launches