KAJANG: The government will focus on narrowing the gap between public and private real estate valuations, says Lim Guan Eng.
The Finance Minister said the differences could be due to the different methodologies used by the Real Estate Valuation and Service Department (JPPH) and the private sector valuation.
"As a government with integrity, we want input from all stakeholders and regular negotiations between JPPH and private companies," he said.
It was so that the valuation of property that accurately reflects the real estate market could be done, he added.
He said this during his speech at the Inspen National Institute after launching a report on the Malaysian real estate market 2018 on Tuesday (April 30).
Meanwhile, LIm also said that within the Home Ownership Campaign (HOC), which runs from January to June of this year, RM9bil property was registered early.
However, he stated that this amount is the value of the pre-registrations and not the actual sales figures.
"This is not the value of purchases, but timely registration for those who are interested in the property," he said.
The HOC was initiated by the government to address the land of home ownership and the overhang of the dilemma, with initiatives such as tax stamp exemption for housing units cost between RM300,000 and RM1mil.
These are merely the features of HOC developers.
For houses sold over RM1mil up to RM2.5mil, the stamp duty exemption applies to the first RM1mil and the rest will be charged at 3%.
Previously, the buyer was charged 1% of stamp duty for the first RM100,000 purchase consideration; 2% for RM100,001 to RM500,000 and 3% from RM500,001 to RM1mil.
The fee for property loan contracts up to RM 2.5 million would be exempted from the previous 0.5% rate.