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| Property worth RM21.9b sold under Govt’s stamp duty exemption incentive between 1998 and 2002. [ 25/3/2003 ] |
A TOTAL of 129,415 units of residential, commercial and industrial property worth RM21.9 billion were sold under the Government’s stamp duty exemption incentive between 1998 and 2002.
Deputy Finance Minister Datuk Chan Kong Choy said during the period, the Government had foregone RM429 million in stamp duty payment for these properties.
“The Government had introduced incentives in the form of stamp duty exemption in 1998, 1999, 2001 and 2002 to attract more buyers so as to reduce the property overhang.
“The situation was very encouraging during the four years... it had brought the property overhang under control,” he said after officiating at the 14th National Real Estate Convention in Kuala Lumpur yesterday.
He said at the moment, the Government has no plans to introduce any stamp duty waiver for property transactions this year.
Effective June 30 last year, the Government has waived stamp duty indefinitely for purchase of low-cost houses.
“The problem (of property overhang) is still there and we hope local authorities will give fullest cooperation by being careful in approving property projects, especially for commercial and office buildings,” he said.
He also reminded financial institutions to be more selective in approving loans for property projects so as not to aggravate the existing property overhang.
Chan said projects for residential properties should be allowed to be carried out if the location is appropriate and the demand is there.
As at end of last year, there were 54,265 units of residential property worth RM6.8 billion unsold.
Meanwhile, 1.393 billion sq m of commercial space valued at RM7.89 billion were unsold and a total of 2.74 million sq m of office space worth RM10 billion were still unoccupied.
Chan also proposed for the setting up of a commission comprising relevant experts in the property sector to study thoroughly issues affecting the industry.
He said the National Economic Action Council (NEAC) could consider the proposal as the NEAC has a committee looking into the property sector.
Among the issues which need to be examined include planning, financing, government approvals, titling and valuation.
Earlier in his speech, Chan said one of the ways to prevent property overhang in the future is to ensure that property market researches are carried out professionally at the planning as well as the development stages by both the private and public sectors.
Source : NST 23/3/2003 |
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