NST Online
2008/05/30
GEORGE TOWN: Land owners can begin submitting individual applications after June 15 to change the status of their land titles.
Chief Minister Lim Guan Eng said this applied to both the extension of lease to 99 years as well as the conversion of land titles from leasehold to freehold. The applications can be made at the land office here.
Lim said as there was no provision in the National Land Code for the lease to be extended, all applications for extension or conversion would be considered as new applications.
He said this meant that land owners would have to surrender the land to the government first and then submit an application for alienation.
Lim said applications for freehold land titles would have to fulfil two requirements -- the land should not be mortgaged to a bank and the applicants would have to pay an additional premium due to the increase in freehold land prices.
Lim said the extension of the lease for industrial land from 60 years to 99 years would have a significant financial impact in the state.
"This would enable the owners to apply for bank loans, which would then lead to an increase in business.
"Furthermore, it will increase the value of the land," Lim said after witnessing the swearing in of his office staff here yesterday.
2008/05/30
GEORGE TOWN: Land owners can begin submitting individual applications after June 15 to change the status of their land titles.
Chief Minister Lim Guan Eng said this applied to both the extension of lease to 99 years as well as the conversion of land titles from leasehold to freehold. The applications can be made at the land office here.
Lim said as there was no provision in the National Land Code for the lease to be extended, all applications for extension or conversion would be considered as new applications.
He said this meant that land owners would have to surrender the land to the government first and then submit an application for alienation.
Lim said applications for freehold land titles would have to fulfil two requirements -- the land should not be mortgaged to a bank and the applicants would have to pay an additional premium due to the increase in freehold land prices.
Lim said the extension of the lease for industrial land from 60 years to 99 years would have a significant financial impact in the state.
"This would enable the owners to apply for bank loans, which would then lead to an increase in business.
"Furthermore, it will increase the value of the land," Lim said after witnessing the swearing in of his office staff here yesterday.
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