THERE will now be a penalty payment for developers who do not wish to follow the component structure for housing schemes under new rulings in the development sector.

In a new housing scheme, there has to be 10% low-cost houses priced not more than RM70,000 each, 20% medium-cost houses priced between RM70,001 and RM140,000 and 20% affordable houses priced between RM140,001 and RM300,000, with the remainder 50% of the houses at an open price.

'If developers do not wish to build low- or medium-cost houses following the percentage under this scheme, they will have to pay 15% of the price of each low-cost house they wish to remove,' said state executive councillor Datuk Dr Mah Hang Soon at a press conference for Malaysia Property Exhibition at Tandoor Grill restaurant in Ipoh on Thursday.

- An aerial view of Ipoh city and its surroundings. -filepic

'As for each medium-cost house removed, they need to pay 10% of the price each,' he said, adding that they can only be switched to either medium-cost or affordable houses only.

'The penalty payment will be transferred into the state government's account and the funds will be used to build houses under the Skim Rumah Insan Amanjaya,' he said, referring to the houses built to help the needy.

For the first time, the Perak leg of this year's Malaysia Property Exhibition will be held in a shopping centre.

Organising chairman Dr Tan Chin Yong said this was decided after many requests were made by people, including those from previous successful exhibitions in other states.

- Dr Mah (centre, seated) and Dr Tan (right) holding up press releases regarding the upcoming property exhibition in Perak. With them are Real Estate and Housing Developers Association Malaysia (Rehda) Perak branch chairman Tony Khoo (left) and other organising committee members. Photo: SAIFUL BAHRI

'It is easier for people to come to us because malls are always known for their high walk-in traffic.

'As this year's exhibition will be in Ipoh Parade shopping centre, we are estimating around 30,000 visitors based on other similar events held at the mall before,' he said .

Dr Tan said this year, they will be showcasing and selling around 4,700 units of properties worth a total of RM3.4bil, with developers coming in from all over Perak, as well as from Selangor, Malacca and Penang.

'This is a great way for buyers to shop and compare prices in their quest to buy their dream house.

'Everything is in one place and they don't have to travel from place to place just to get their shopping done,' he said.

- A row of double-storey terrace houses under construction. -filepic

The three-day exhibition will be held from June 19 to June 21, featuring 51 booths.

There will also be property-related talks on topics such as property tax and GST, feng shui tips, smart mortgage and housing loan insurance, and financial planning and property investment advice.