By MELVIN CHOW
SHAH ALAM: The Ministry of Urban Wellbeing, Housing and Local Government of Malaysia today announced the “registration on bulk purchases of residential units” as an additional condition in the advertisement and sales permit for housing development at the launch of the StarProperty Fair at the Setia City Convention Centre in Selangor.
“Any developer who sells more than four units of houses to one buyer must register the buyer with the ministry,” said the ministry’s deputy minister Datuk Halimah Mohamed Sadique.
“It is hoped that with these measures, the Government will be able to curb speculative activities, which is one of the main causes of the rapid increase in house prices,” she added commenting on the additional condition that has taken effect immediately.
Since its debut in 2009, the StarProperty Fair has been a platform for developers to showcase an array of medium to high-end property developments ranging from bungalows to condominiums and commercial units.
The launch saw the participation of approximately 30 exhibitors who will showcase their latest property developments to visitors.
Among the participating exhibitors are some of the nation’s top developers such as Mah Sing Group Bhd, Eco World Development Sdn Bhd, Tropicana Corporation Bhd, Sime Darby Property Bhd, OSK Property Holdings Bhd and Gamuda Land Sdn Bhd.
Visitors can also benefit from property investment tips by industry experts and attend talks related to current market and property trends, among others.
The speakers lined-up for the three-day fair are MCT Group of Companies executive director Datuk Danny Goh Meng Keong, Loanstreet managing director Jared Lim, Jiao Tong University lecturer Professor David Koh, Ho Chin Soon Research’s Ishmael Ho, REI Group of Companies chief executive officer Dr Daniele Gambero, Indian feng-shui expert Dr T. Selva, Axis REIT Managers Bhd chief executive officer Datuk George Stewart LaBrooy and Malaysia and Singapore Tax Cases Digest author S. Saravana Kumar.
The fair’s opening launch was also graced by Real Estate and Housing Developers’ Association (Rehda) president Datuk Seri Michael Yam.
StarProperty Fair, which opened today will end on June 1, 2014 and is open to the public from 11am to 7pm.