Penang developers can now use corporate guarantees

CNY gathering: (from left) Toh, Eco World general manager Khoo Teck Chong, Aspen Group executive director Woo Kok Weng and Penang Island City Council secretary Yew Tung Seang having a discussion at the Chinese New Year dinner gathering.

GEORGE TOWN : Developers in the state can now choose to settle 60% of contribution charges using corporate guarantees.

Real Estate & Housing Developers Association (Rehda, Penang) chairman Datuk Toh Chin Leong said previously 60% of the contribution in the form of development and infrastructure charges had to be settled using bank guarantees, while the remaining 40% by cash.