Why charge GST on maintenance fees

More than 15 management corporation (MC) heads, representing more than 30,000 residents living in apartments and condominiums in the Klang Valley, came together today against the implementation of the 6% goods and services tax (GST) on their monthly management and maintenance fees next year.

Saying that it penalises them over landed property owners, the group also said there was a lack of thought that went into the plan to charge GST on Management Committees (MCs) that collected more than RM500,000 annually as the ruling did not specify the density of the strata projects.

Seputeh MP Teresa Kok, who attended the press conference at the Kuchai Brem Park condo community hall in Kuala Lumpur today, called on the relevant agencies to clarify the grey areas.

She said many low-medium-cost apartment MCs would be collecting more than RM500,000 in yearly maintenance because of the higher number of units.

110% loan for PR1MA house buyers

Loan offers as high as 110% will be extended to 1Malaysia Housing Project (PR1MA) house buyers by selected financial institutions, said Datuk Seri Najib Tun Razak.

The Prime Minister said the move was a continuance of the Government's effort to help the people.

"This is to enable all house buyers to own houses while the extra 10% is to pay additional costs such as legal fees and insurance.

"The rent-to-own scheme is also offered as an assistance to the middle-income group," he said in his latest entry in his blog Najib.razak.com on Saturday.

Najib said the Government aimed to build 500,000 units of PR1MA houses within five years under the PR1MA programme which covers all states except Labuan.

Mah Sing sales to hit record high

Mah Sing Group Bhd’s sales are expected to hit new high in the last three months of the year from the record RM900mil achieved in the third quarter, buoyed by strong take-up rate of its Lakeville project in Kuala Lumpur.

The group has launched four blocks of apartments worth RM820mil of its Lakeville project in Taman Wahyu, that saw an 85% take-up rate.

This has lifted its total unbilled sales to RM5.06bil.

“We expect new sales in the fourth quarter to be stronger on the back of the conversion of the record bookings achieved in the second half of 2014,’’ CIMB Research said in a note.

So far this year, Mah Sing had spent RM1.34bil on landbank, its most aggressive year-to-date, with gross development value (GDV) potential worth RM19.3bil.

The company had recently proposed a cash call of up to RM630mil to launch some of these projects.