Selangor to give discount on lease renewal

From : http://www.starproperty.my/PropertyScene/PropertyNews/8804/0/0

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SHAH ALAM: The Selangor government will give a discount to landowners in the state when the lease on their plots expire.

Mentri Besar Tan Sri Khalid Ibrahim said the premium for renewal in prime areas could be high and the state wanted to help.

He said the discount quantum had yet to be decided but assured it would be based on market rates.

He said this after receiving several computers from AMD Global Service on behalf of the state government.

The computers will be distributed to eight welfare homes.

Khalid was commenting on Deputy Prime Minister Tan Sri Muhyiddin Yassin announcement last Wednesday that state governments can only renew or extend the period of leasehold land to not more than 99 years.However, Muhyiddin had said renewal or extension would only be approved if the land was not needed by the government for public purposes.

Meanwhile, Khalid said the state government was working on a plan to encourage lease holders to renew after 30 years.Currently, Khalid said most landowners waited until the end of the lease to apply for renewal.