Warning to developers: Reduce prices or SST will be reimposed

Developers’ meeting: Lim arriving at the Rehda conference. With him are Jeffrey Ng (left) and Soam (right).

KUALA LUMPUR: Finance Minister Lim Guan Eng has asked developers to reduce house prices on a national level, failing which the sales and service tax (SST) on construction services will be reimposed if developers do not pass the savings to buyers.

The grim warning came after Penang developers agreed to reduce prices by between 6% and 10% about 10 days ago.