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Government seeks alternative ways to overcome property overhang

August 28th, 2020 Leave a comment

Delayed housing projects due to MCO

The Ministry of Housing and Local Government (KPKT) says it will find alternative ways to overcome the property overhang situation other than imposing a vacancy tax for developers who fail to sell their properties.

Minister Zuraida Kamaruddin said a decision on the imposition of a vacancy tax on unsold units has not yet been made, although the proposal was based on figures the ministry obtained showing that unsold units are priced at RM500,000 and above.

“KPKT takes the stand that we will find other methods to prevent developers from building houses that do not meet the people’s needs.

“Before developers begin their construction, KPKT will look at whether there are projects proposed by them that are viable and meet the needs of the people,” she said at the Dewan Rakyat yesterday.

She was replying to a question from Chang Lih Kang (PKR-Tanjong Malim) on the rationale behind the ministry’s proposal to implement a vacancy tax on developers who are unable to sell their completed houses.

“When we have developed a data system, we should be able to get the right projection because then they (developers) would be able to assess by using statistical information to help them plan their construction in future,” said Zuraida.

Source: EdgeProp.my

 

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  1. KanEBohEng
    August 31st, 2020 at 21:03 | #1

    “KPKT takes the stand that we will find other methods to prevent developers from building houses that do not meet the people’s needs.”…..Wtf???? people’s needs?? what needs? their need for speculation? their need to satisfy their greed? Need???? That’s so vague and lame and can be easily twisted!!

    Based on what this minister said, we can pretty much see that she doesn’t know what she’s saying. That’s the problem with Malaysia, we keep having politicians who don’t know their stuff becoming a “MINISTER”, and then screw up our country. While most neighbouring countries have already made great progress forward, we seem to be walking backwards. Sigh, very sad.

  2. Betty Ng
    September 1st, 2020 at 13:57 | #2

    I support what she is going to implement. Apparently in Penang, a lot of apartments have unsold units for many years. It shows the demand is not really there, the developers build more than it should be. New apartments keep coming up but not many people are able to purchase the high end units from RM500K onward.

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