Vacancy tax could further erode local property market, says real estate body | Malay Mail

Wednesday, 26 Aug 2020 03:36 PM MYT

“Mipeac deems such a legislation ineffective to solve the overhang issue,” the institute said in a statement today, while urging the government to relook at the decision to impose a vacancy tax on developers who fail to sell their properties within a specified time slated for implementation next year.

It said according to the National Property Information Centre , total completed unsold property value stood at RM42 billion in the first quarter of 2020. “Developers that are unable to sell their properties would already be bearing the interest and holding costs and the financial burden from unsold stocks is already a form of ‘penalty’ on developers that make the wrong decisions in land-banking, pricing or product offering,” it added.

“Lenders should make the market and financial feasibility a criteria before approving bridging loans,” it said.

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