AS THE local property sector braces for a tough year ahead, Penang’s real estate developers are appealing to the state to lower their cost of development.

In 2012, the state government increased the cost of development by introducing new contribution charges and raising existing ones.

PENANG will witness a gathering of property experts and industry players at the inaugural Penang Property Summit 2015. It will be held from Jan 9 to 11 at the sPICE Arena Penang (Pisa).

The summit is seen as a timely event, given the rapid pace of property development on the island and growing concerns about rising prices and the environment.

Winner - Datuk Tan Chin Nam, founder Tan & Tan Developments Bhd
                     and IGB Corp Bhd

BUDGET 2015 introduces more measures to increase home ownership and build more affordable housing, and announced more infrastructure projects to boost connectivity.  

PETALING JAYA (Nov 5): Prime Minister Datuk Seri Najib Razak said he would study the full implications of making residential properties a zero-rated product under the Good and Services Tax (GST) system.

KUALA LUMPUR (Sept 30): With the upcoming Budget 2015 to be tabled in less than two weeks, Mah Sing Group Bhd’s Managing Director and Chief Executive Officer Tan Sri Leong Hoy Kum has asked the government to consider implementing certain measures to help first time home buyers.

PETALING JAYA (Sept 30): The Real Estate and Housing Developers’ Association Malaysia (Rehda) wants the government to forego the stamp duty on property, after the implementation of goods and services tax (GST). Rehda argued that the GST and stamp duty would tantamount to double taxation.

KUALA LUMPUR (Sept 25): Malaysian government is planning to build two youth cities in five years' time with lower property prices, catering to young people aged below 40 years old, said the Minister for Urban Wellbeing, Housing and Local Government, Datuk Abdul Rahman Dahlan.