Rehda expects some cost savings with SST waiver

Rehda expects some cost savings with SST waiver

KUALA LUMPUR (Oct 29): The Real Estate and Housing Developers’ Association Malaysia (Rehda) says it expects some savings in development cost following the government’s move to exempt basic construction materials and construction services from the Sales and Services Tax (SST) in the effort to reduce house prices. 

“We are expecting between 2.5% to 5.0% savings depending on the type of development, but this will be applicable to new projects only as prices for those projects during the Goods and Services Tax (GST) era would have been agreed upon by the contractor and are in various stages of completion,” said President Datuk Ir Soam Heng Choon (pictured) in a statement today.

He said together with other discounts and rebates that most developers are currently offering in view of the soft market for new launches, house buyers could look forward to at least five per cent lower prices depending on location and type of product. 

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