Stamp Duty Waived for Residential Property
for Six Months

The National Economic Action Council (NEAC) announced that the Government will waived the stamp duty for residential property purchase from developers registered with the Real Estate and Housing Developers' Association (REHDA), the Sabah Housing Developers' Association or Sarawak Housing Housing Developers' Association between January 1 and June 30, 2002 as part of the Government's strategy to stimulate and sustain the economic growth.

This exemption applied to residential property from registered developers such as houses, condominiums, apartments or flats where the sale and purchase agreements executed between Jan 1 to June 30, 2002. It also applies to all transactions affecting the transfer of titles of property from the developer to the buyers named in the sale and purchase agreements concluded during the period.

According to the REHDA president Datuk Eddy Chen, the buyers would enjoy the stamp duty exemption of units in all development projects registered with the association. He added the developers do not necessarily have to be a member but have to pay higher registration fees