Parcel rent to replace quit rent for KL strata developments

The quit rent system for strata buildings in the city will be replaced with a parcel rent system from Jan 1.

Malaysian Federal Territories Minister Khalid Abdul Samad said the government made the decision after taking into account public interest.

He said the switch to the parcel rent system was needed following a number of issues involving quit rent arrears for registered development strata schemes.

“Based on current records at the Federal Territories Land and Mines Office, about 446 strata development schemes out of 3,214 (or almost 15 percent) in Kuala Lumpur have quit rent arrears.

“Implementation of the parcel rent system is seen as a correctional mechanism and to rationalise taxation mechanism to a more systematic, transparent and fair strata development,” he said, at the launch of the parcel rent system for strata buildings at the Federal Territories Land and Mines Office here.

Check out the full article at News Strait Times

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