Should be below:
Premium = ΒΌ x 1/100 x Market Value of land (in sq ft) x number of years to renew x land area (in sq ft)
Example: For a 3,000 sq ft residential property in PJ with 10 years remaining on the lease (assuming it was valued @ RM120 per sq ft by the Authorities), the lease renewal fee calculation is= 0.25 X 0.01 X 120 X 89 X 3,000 = RM 80,100.
P/S:
PJ is high Value of Land compare Kuala Langat.
At this moment, Selangor have 2 options for renewal,
option 1 - RM1,000 for own stay
option 2 - 30% rebate for normal renewal (From above case, After deducting the 30% rebate, the fee payable would be RM 56,070)
But not sure after 90 years, what option will be.. Hahaha.
Thanks for the info. Any one out there know the full detail of the sales package for Penduline. Exp like Downpayment, SPA, legal fees, MOT and etc.
Please kindly advise and share. Tq.