KUALA LUMPUR: The property market stands to benefit from the recently announced stamp duty discount for properties priced above RM500,000, but its impact on the sector could prove tepid. The government recently said it would reduce the stamp duty percentage for property valued in the RM500,000-RM1mil range to 1.5% from 3% under the Keluarga Malaysia Home Ownership Initiative (i-Miliki) campaign. To illustrate how the discount works, for a property priced at RM1mil, the first RM500,000 will be exempted from stamp duty, while the subsequent RM500,000 will be charged a stamp duty of 1.5% amounting to RM7,500. Under that earlier campaign, the stamp duty for property up to RM1mil was exempted while property valued above RM1mil was charged a 3% duty. HLIB reiterated its "neutral" recommendation on the property sector, with Sunway Bhd and Matrix Concepts Bhd as its two top sector picks.

Source: The Star July 18, 2022 15:28 UTC