“We hope that better discounts will be given to the people, as high as possible,” Zuraida said in Kuala Lumpur on Monday. “We are trying to reduce the gap starting from the expo. From then on we will try to clean up.”
(Jan 28): Malaysia is planning a sale for $7.4 billion of real estate to bridge the gap between property oversupply and lack of affordable homes, with developers asked to offer at least 10 percent discount.
The numbers are staggering: about 180 developers will offer 22,000 units worth a total of 22.5 billion ringgit ($7.4 billion) at the expo planned for March 1 to 3. About a quarter of the property on offer will be priced at 300,000 ringgit or less, said Housing and Local Government Minister Zuraida Kamaruddin, adding that the transactions will be exempt from stamp duty fee.
