Tuesday, November 29, 2022

Penang gives 90pc discount for extension of lease for residential land

Penang gives 90pc discount for extension of lease for residential land

GEORGE TOWN, Nov 21 — All categories of leasehold land in Penang will be given a discount of between 50 per cent and 90 per cent for the extension of the lease held by the state, Penang Chief Minister Chow Kon Yeow said today when tabling the state Budget for 2023.

He said those who wish to extend the leases of their land will need to pay a premium for the extension based on the land valuation.

“The state government has agreed to give a discount on the premium from as low as 50 per cent to 90 per cent based on the land value without taking into account the value of the structure on the land,” he said at the state legislative assembly today.

The discount on the premium is for those whose leases are expiring or have expired and it included all land, namely residential, agriculture, commercial and industrial.

“Agricultural and residential individual landowners will get up to 90 per cent discount on the premium while commercial land will get up to 80 per cent discount,” he said.

He said industrial land will get a discount of between 50 and 75 per cent, according to the criteria set by the state.

However, the discount is subject to the condition that the landowners cannot sell the land for the next 10 years.

“There will be a moratorium on the transfer of the land ownership for 10 years and if the landowner was to sell the land within this period, they will have to pay 100 per cent of the premium,” he said.

He said this is to prevent land speculation so that landowners do not take advantage of this leasehold extension premium discount.

Later, in a press conference, Chow said the state has between 20,000 and 30,000 leasehold lands of various categories.

“Over the past two years, several thousand leasehold lands in Penang, with leases of 60- to 99-year terms, are coming to an end. Some have ended and those with expired leasehold land are concerned whether the state will extend the lease,” he told reporters outside the house.

He said the state had been holding stakeholders’ engagement sessions and decided to extend all leases.

“These leases will be extended and if they apply for an extension, it comes with a premium and the state will give a discount on this,” he said.

He explained that the premium charged will be based on the land value so if the land is worth RM1 million, the premium to extend it for another 99 years will be RM1 million.

“So, in this case, with a 90 per cent discount, they have to pay RM100,000 to extend the lease for another 99 years,” he said.

He said this is based on the value of the land and does not include any properties on the land.

“This is the same for industrial land. Most are leasehold for 60 years and many of these have 10 to 20 years left,” he said.

He said the industries can extend the lease for another 60 years or 30 years, or even 99 years.

“With this decision, they can reaffirm their commitment to the industry here, they can keep the land and their facilities and based on the land valuation, they can pay a premium with a discount of at least 50 per cent to extend the lease,” he said.

(Source of news : Yahoo News)

Tuesday, November 1, 2016




税收局发言人对星洲日报说,该局将重新检视在2年内出售3个或以上房地产的纳税人与公司的报税户头,将他们原来按“产业盈利税”(RPGTReal Property Gain Tax)来呈报的房地产买卖,按其“频密性、贸易性质、融资模式及盈利”4大主要因素,改征营业税(BusinessTax),税率按个人及公司所得税征收。




















Wednesday, July 20, 2016

Edge 360 Executive Condo Site In July 2016

The below pictures were taken from the actual site of Edge 360 Executive Condo. Limited units available. Click here for more detail. 

Tuesday, July 19, 2016

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Friday, July 15, 2016

The George Town World Heritage Special Area Plan (SAP) Will Be Gazetted This August 2016

GEORGE TOWN, July 5 — The George Town World Heritage special area plan (SAP) will finally be gazetted this August 1 and all businesses within the zone will have to comply with all regulations under the plan.
Housing and town and country planning committee chairman Jagdeep Singh Deo announced the implementation of the SAP at a press conference today.

“The gazetting of the SAP will enable the Penang Island City Council (MBPP) to monitor and ensure sustainable management of the heritage zone in accordance to the conditions set by the World Heritage Committee,” he said.

The SAP controls the management, restoration and developments within the heritage zone that covers 2,569 buildings in the core zone and 2,444 buildings in the buffer zone.

“With the implementation of the SAP, it will allow the local government to monitor all planning works, to impose development charges, to implement notices of land acquisitions and to declare development areas within the zone,” he said.

The SAP is one of the requirements imposed by Unesco upon the joint inscription of George Town and Malacca as world heritage sites.

The state government started drafting the SAP about six years ago and the first draft was publicly displayed in 2011 before two hearings on the draft was held.

The draft SAP was sent for translation to Malay and a planning and design guide for public realms was included into the SAP. Finally, the plan was approved by the state executive council on June 15 this year.
The SAP delineates the zones for buildings and land activity within the heritage area. For example, hotels fall into the tourism and leisure zone while the institution zone covers schools, police stations and fire stations; banks are in the financial zone and retail outlets fall into the enterprise zone.

It also contains plans to enhance public realms such as the waterfront promenade programmes encompassing the Green Hall-Esplanade waterfront, the upper Weld Quay waterfront and the clan jetties waterfront.
With the implementation of the SAP, local government committee chairman Chow Kon Yeow said this means all businesses and hotels within the zone will have to comply with the SAP regulations.

“With the SAP, regulations will be tighter and hotels that submit their applications for licences after August 1 will be subjected to the SAP regulations,” he said.

This means hotels that are not located within the areas specified for hotels will not be given approvals but this will not apply on hotels and businesses that have already obtained their licences before this.

Chow said hotels in the state have been given three years since the state government started its efforts to legalise all hotels.

“Hotels outside the heritage zone are given one last year to apply for a full licence because temporary permits will no longer be issued after November next year,” he said.
He reminded all hotels still using the temporary permits to speed up their applications for full licences for this final year.
(Article digested from Yahoo News)