GEORGE TOWN: The Finance Ministry’s exemption of stamp duty for first-time homebuyers for properties up to RM1mil will help spur the housing market, says Penang state exco member Jagdeep Singh Deo.
Jagdeep, who is Housing, Town, Country Planning and Local Government Committee chairman, said the move would help increase ownership and improve the housing market which had been rather slow.
This initiative by the federal government might be the first step to many steps in improving the housing industry, he said.
“To us and Penangites, this is one of the best gifts for the coming new year,” he told reporters after attending a Fun Walk here yesterday.
Although Penang is the second smallest state in Malaysia, it is the third highest taxpayer.
Budget 2019 provides for an exemption of stamp duty on property transfer letter for the first purchase of houses priced between RM300,001 and RM1mil for six months starting from Jan 1.