Weekly Industry News

Gamuda proposes levy

Weekly Industry News

Gamuda Bhd has proposed a levy where developers would have to pay 2% of their total revenue based on sales to the government instead of having quotas imposed on them to provide a fund benefitting the below-40 (B40) population.

Gamuda Bhd group managing director Datuk Lin Yun Ling said, “In our view, house prices are not likely to come down.”

“This is why we are seeing the huge unsold stock in the property market. The holding cost to comply with bumiputra requirements are getting heavier,” he said after the company’s AGM.

Media Title: The Star

Date: 7 Dec 2018

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