The Ministry of National Development, Ministry of Finance and Monetary Authority of Singapore late on Thursday said the holding period for homes which will incur a seller’s stamp duty will be extended to four years from three with the rates payable rising to 16% from 12% within the first year.
The proposed reclamation and landfill rehabilitation project in Jelutong, near Karpal Singh Drive, is still pending approval from the Environmental Impact Assessment (EIA), Chief Minister Chow Kon Yeow confirmed yesterday.
“Ongoing infrastructure developments are expected to enhance the appeal of suburban areas and transit-oriented developments, while the city’s affordability compared to other Asian markets should continue to drive investment, despite global economic challenges,” the report said.
“Residential property demand in Johor is led by locals, Malaysians working in Singapore, and Singaporeans with the JS-SEZ poised to attract greater foreign interest
Property developer Avaland Bhd (KL:AVALAND) plans to acquire a 2.17-acre plot of land in Section 13, Petaling Jaya, to undertake a high-rise commercial development with an estimated gross development value of RM320 million.
many so-called “affordable” housing units are being held vacant by owners or investors, reducing availability for genuine homebuyers. The move to tax empty homes, they argue, could encourage more responsible ownership and push developers to build in line with actual market demand.
The 5% housing discount for first-time house buyers, which was earlier given to Indian Muslims, has been extended to all, says Chow Kon Yeow.
This is where integrated land use planning comes into play – a vital process undertaken by local authorities and state planning agencies to regulate land use within their administrative areas.