ABSD: Govt to take case-by-case approach for troubled projects
Minister Zaqy adds that government is 'monitoring the construction industry and the property market closely'
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IN response to requests by the construction industry to consider extending the additional buyer's stamp duty (ABSD) timeline from five years to six, Minister of State for National Development and Manpower Zaqy Mohamad on Wednesday said that the government will adopt a case-by-case approach for projects that need help, and does not think it necessary to pro-rate the ABSD penalty because "we don't have to shift the whole mechanism or the whole system" to solve the problem.
In his Committee of Supply speech, he said the government was "monitoring the construction industry and the property market closely" and will adjust its policies as necessary "to ensure a stable and sustainable property market".
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