GEORGE TOWN: The Penang government has agreed to do away with approval fees for house buyers at the Malaysia Property Expo (Mapex).
This follows an application by the Real Estate Housing Developers Association (Rehda) recently, aimed at boosting the state’s housing industry.
The exemption is only applicable for one month, from July 22 to August 22. The condition set is that instead of house buyers paying the approval fees, Rehda will pay it and the money will go to Tabung Harapan Malaysia.
State Housing Committee chairman Jagdeep Singh Deo said due to the softening of the housing market, the state government has agreed to waive the 1.5 per cent approval fees for foreign buyers and 2 per cent approval fees for those who decide to sell the property bought in under three years.
“The move is set to stimulate the state’s economy and housing sector, as the sector has been seeing a slowdown in the past few years,” he told newsmen here today.
The approval fees are part of the cooling measures imposed on house buyers to prevent speculation in the property industry back in 2014.
Jagdeep said numerous other “win win” measures were also being taken by the state government to stimulate the state’s housing industry.
Meanwhile, Penang Rehda immediate past president Datuk Jerry Chan said the exemption would be able to spur the state’s housing industry.
“It will also stimulate the economy. More importantly, it is not only good for developers but also all related sectors,” he added, noting that there was a growing demand for properties by returning Malaysians.
Mapex will be held from July 20 to 22 at Udini Square.
On the housing expo, Jagdeep said affordable housing projects would also be showcased there by the Penang Development Corporation (PDC), Asia Green and PLB.