Rehda to list eligible properties

23/02/2002 The Star By Sim Leoi Leoi and Clarence Chua

 

PETALING JAYA: The Real Estate and Housing Developers’ Association of Malaysia (Rehda) will carry out a registration exercise of all residential properties in Peninsular Malaysia that will qualify for the stamp duty exemption.

Its president Datuk Eddy Chen urged all interested developers with eligible properties available for sale to register them with the association.

“A similar exercise is also being carried out by the Sabah and the Sarawak Housing Developers’ Associations for residential properties in their states.

“This registration exercise is a necessary step to ensure that properties offered for sale to the public during the campaign comply with the conditions set out and are carried out by bona fide developers.

“Details of the registration procedures are being finalised and will be ready before the end of this month.

“The particulars of all registered projects and participating developers will then be posted on the Rehda’s website at www.rehda.com and in major newspapers,’’ he said in a statement here yesterday.

Chen was commenting on the Government’s move to waive stamp duty for the purchase of certain residential properties between Jan 1 and June 30.

This was announced by the National Economic Action Council on Thursday.

He said the association would monitor the progress of the campaign and carry out the necessary promotional and publicity programmes.

“We would also like to encourage our members and developers to offer discounts and attractive packages to housebuyers to ensure the success of this campaign,’’ he added.

Several groups have lauded the Government’s move but are worried that the move would only benefit developers registered under the three associations.

(The NEAC had stated that the waiver of stamp duty applied to houses built by developers registered with Rehda, the Sabah Housing Developers’ Association or the Sarawak Housing Developers’ Association.)

House Buyers Association secretary-general Chang Kim Loong said that the waiver should apply to all projects and not confined to those under the three associations.

“It is not like in the legal profession where every lawyer has to be a member of the Bar. In this case, developers are not compelled by law to be members of these associations.

“Housebuyers now face some uncertainties as they will be wondering whether their developers are members of these association,” he said.

Housing and Local Government Minister Datuk Seri Ong Ka Ting said the move would help to revive the property market.

Buyers would also benefit as stamp duty made up a substantial amount of expenses incurred during the purchase, he said.

Consumer Association of Penang president SM Mohd Idris also welcomed the move but said the waiver should be applicable to all projects.

He also said there should be a waiver for properties below RM250,000 but for those who could afford houses more than that, the normal rates must apply.

“We don’t want the Government to lose all their revenue in the process,” he said.

The waiver of stamp duty will save housebuyers thousands of ringgit, depending on the value of the property.

Under the Stamp Duty Act, 1% of the purchase price should be paid as stamp duty for properties priced up to the first RM100,000, while for those costing between RM200,000 and RM500,000, it is 2%. The stipulated stamp duty for properties valued between RM600,000 and RM1.5mil is 3% while the rate for RM1.6mil and above is 4%.