Future house owners can now rejoice as the cost of new homes are expected to reduced by 5% to 10% following the Sales and Service tax(SST) exemption on construction services and building materials.
"We placed the exemption because we want to boost the real estate sector. We hope to see a fall in new house prices," Finance Minister Lim Guan Eng(pic)said to reporters at Parliament on Tuesday (Oct 30).
"Otherwise, we will consider re-imposing the SST (on developers)," he added.
The SST exemption is applicable to all types of construction services and also only applicable to newly-launched homes and does not include low-cost housing projects, said Lim. He hoped that savings in development costs by developers will benefit the home buyers.
Source: The Star Online
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