by Mangalesri Chandrasekaran | April 14, 2016
Selangor’s Housing and Property Board (LPHS) said companies that build serviced apartments, SOHOs and SOVOs in the state may be required to set aside a certain portion of their units as affordable homes.
According to its Executive Director Norzaton Aini Mohd Kassim, the board has temporarily stopped the approval of new serviced apartments in 1H 2016 as it is currently studying new guidelines for such properties, which also include Small office home offices (SOHOs) and small office versatile offices (SOVOs).
Members of the Real Estate and Housing Developers’ Association Malaysia (REHDA) in the state were informed about the freeze order last month.
She explained that the move is not intended to restrain property projects in Selangor, but to review some regulations amidst the sluggish property market at present.
In addition, its anticipated effect on the industry is small as LPHS only received four applications for serviced apartments, SOHOs and SOVOs in Q1 2016.
To continue reading…