THE Malaysia Property Expo (MAPEX) Home Ownership Campaign is set to offer house buyers a host of incentives, including the possibility of a stamp duty waiver for second-time home buyers.
Real Estate and Housing Developers Association (Rehda) Penang chairman Datuk Toh Chin Leong said discussions were ongoing with the Finance Ministry to extend the stamp duty exemptions to second-time buyers for properties priced between RM300,001 and RM1mil over a six-month period beginning Jan 1.
He said the association was ‘positive’ over the possible exemption.
“There are several incentives being discussed to move the property industry which has been soft for the last two years and to reduce the overhang of housing units,” he said during a press conference at Rehda office in Cantonment Road, George Town, recently.
Toh said the other incentives were stamp duty exemption of up to RM300,000 on sale and purchase agreements as well as loan agreements for a period of two years until December 2020 for properties up to RM500,000.
He said there would also be a waiver of the 3% levy for foreign purchasers for a limited period of one month in February.
“We are in discussions to extend the 3% waiver to June 30 as developers may not be able to respond fast enough to maximise this incentive,” he said.
Toh added that it is being held at a time when the state government and developers are grappling with the overhang units, especially the glut in affordable housing units.
Seven developers, the Penang Development Corporation and Penang Housing Department have confirmed their participation at the expo.
MAPEX 2019 at Udini Square in Gelugor is on from 10am to 9pm until Sunday.