Malaysia Finance Minister Hopes Developers Can Offer Up To 20% Discount On Home Prices

© Nikkei Markets

KUALA LUMPUR (Jan 31) — Malaysia’s finance minister Thursday said he hopes that property developers can offer up to 15%-to-20% discount on home prices during the first six months of 2019.

“I hope they can offer a discount of 15%-20%. We will let the market forces decide,”Lim Guan Eng said at a news conference in Selangor.

He also hopes developers could sell as many units as possible of 19.50 billion ringgit ($4.77 billion) worth of unsold units.

Malaysian banks have ample funds to lend to prospective buyers, and the government will also offer stamp duty exemption for first-time home buyers between January and June this year for units priced between 300,000 ringgit to 1 million ringgit, Lim said.

In November, the state announced that developers have agreed to offer at least a 10% discount on unsold units to boost sales.

– By Gan Pei Ling
– Edited by Sayantika Bhowal

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