49 minutes
GEORGE TOWN: The Penang government would not likely consider introducing the unsold property tax to address the property overhang issue in the state.
State Housing, Local Government, and Town and Country Planning committee chairman Jagdeep Singh Deo today said that the overhang issue in Penang was still manageable and it would not need to impose such a tax.
“Of course, we will not go there, at this point in time, over maybe never ever ... but this is how serious the (property) overhang is in Malaysia,“ he said in his speech at the groundbreaking of Grace Harmony development located, near here, today.
Jagdeep was commenting on Johor’s consideration to impose the tax to penalise developers for selling residential units at high prices.
Johor Housing, Communications and Multimedia committee chairman Dzulkefly Ahmad said that feedback from all stakeholders, especially developers, were required before the state make the final decision.
Grace Harmony residential project is developed by Nova Mulia Development Sdn Bhd and is located in the vicinity of the developer’s other development, Grace Residence, near here.
Also present at the groundbreaking ceremony were Penang Chief Minister Chow Kon Yeow, Sungai Pinang assemblyman Lim Siew Khim, Air Itam assemblyman Joseph Ng Soon Siang and Nova Mulia Development managing director Annie Choo.
Meanwhile, Choo said that the Grace Harmony development, spanning 1.764 hectares of land in Jelutong, would comprise 754 units, comprising 310 low-medium cost units with built-ups of 700 sq ft and 444 affordable housing units with 850 sq ft each.
“The project is expected to be completed in four years’ time,“ she said. - Bernama
