Penang Houses Price Expected To Drop By 10% After SST
Housing prices in Penang has always been a grave concern among Penangites. Over the years, housing prices have steadily increased, making it difficult for the majority of Penangites to own a house. In fact, the only way most Penangites can afford a property is by heading over to the mainland.
However, all that is about to change. With the recent implementation of the Sales and Services Tax (SST), the Real Estate and Housing Developers’ Association Penang (Rehda) are hoping to bring down overall housing prices in Penang.
Rehda is looking at reducing housing prices by 10% for properties that cost above RM300,000, and 6% for affordable housing.
“We will talk to our members and if they can reduce by 10% immediately it would be great, if not it would apply to all new developments,” Rehda Penang chairman Datuk Toh Chin Leong said in a press conference.
“For affordable housing, which is partly subsidised by developers, we will look at reducing the price by 6%. The reduction will apply for all new projects after the implementation of SST this month,” he added.
Finance Minister Lim Guan Eng hopes that Penang get the ball rolling on the making housing more affordable after the implementation of SST, and hopes that other states in Malaysia will follow through.
“It is starting in Penang and is a positive move to reduce housing prices by 10% and 6% respectively. It is a good start by a responsible corporate body,” Lim Guan Eng was quoted as saying.