THE higher stamp duty will jolt property prices in the luxury segment and impact the market, said a member of the Real Estate and Housing Developers’ Association Malaysia (Rehda).
He said the units in new launches might cost slightly higher in terms of per sq ft price as developers would have to pay more for land.
“There will be higher input cost with the one per cent increase in stamp duty. Developers will be subjected to higher stamp duty when they purchase land and this will add on to the cost of building a house. This, coupled with the one per cent hike in stamp duty for property transfers above RM1 million, will have an impact on the market,” said the Rehda member.
Yesterday’s 2019 Budget announcement of one per cent hike in stamp duty caught most developers by surprise.
Media Title: New Straits Times
Date: 3 Nov 2018