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The 10% Bumiputera property discount applies to all races
29 AUGUST: The Pakatan-led Selangor state government announced today, 29 August that Bumiputeras are no longer entitled to 10% discounts for certain properties in the state
The three properties that fall under this new ruling are serviced apartments, Soho (small office home office) and Sovo (small office versatile office)
Explaining the move, Selangor Investment Committee chairman for Industry and Commerce, Small and Medium Enterprises and Transportation Datuk Teng Chang Kim said that this is in line with the state government's implementation of new guidelines for housing development, as reported by Chinese daily Nanyang Siang Pau today, 29 August.
Teng also mentioned that the Selangor state government will start determining the prices of the said properties.
Selangor Investment Committee chairman for Industry and Commerce, Small and Medium Enterprises and Transportation Datuk Teng Chang Kim made the announcement today, 29 August.
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Teng revealed that under the government's affordable housing guidelines, the ceiling price for a serviced apartment is RM270,000 while a Soho or Sovo unit can sell for up to RM230,000
While the 10% discount has been scrapped off, the state government assured that the 30% Bumiputera ownership equity still stands
Under the New Economic Policy (NEP) introduced in the 1970s to eradicate poverty, promote a fairer distribution of opportunities and to dissociate Malays and other indigenous races with traditional agriculture, Bumiputeras are entitled to special quotas and discounts for things like real estate purchases, housing, and automobile.
One of the main changes made when NEP was introduced was the restructuring of the economic ownership in the country. **It was initially 2.4:33:63 ratio of Bumiputera, other Malaysian and foreigner ownership and it was the changed to a new ratio of 30:40:30.**
