Penang waives premium for leasehold title change

Some 20,000 owners of low and medium-cost flats developed on state land need not pay a premium to convert their leasehold titles to freehold status.

The exemption was made “to give hope” to low-income homeowners for the coming new year, Chief Minister Lim Guan Eng said after presenting aid to the underprivileged in Komtar.

“The decision was made at the state executive council meeting yesterday.

“These flat owners will only have to pay the processing fees for the applications.

“The majority of those who will benefit are those who own flats under the Penang Development Corporation (PDC) and PDC Properties housing schemes,” he said.

In June, Lim announced that residential leasehold landowners in Penang could apply for their property to be converted to freehold status upon paying a land premium and processing fee.

Lim said the state might consider giving those who had landed leasehold property on state land a discount on the premium price. - The Star

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