Depends on state gov. If they have no plans to redevelope the area, they will agree to extend the lease. Rate depends on them
99 year lease
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 Apr 17 2018, 12:28 PM
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Apr 17 2018, 02:47 PM
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QUOTE(Chowda @ Apr 17 2018, 02:17 PM) If government wants it back, nothing you can do. State gov still have the final say.If want renew. Formula for price is this: 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) Sos Example: Land MV 10mil, renew for another 99 years, size 1 acre 0.25x0.01x229.57x99x43560 = 2475000 more or less  PJ old town area they renew rm1k only |
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Apr 17 2018, 02:53 PM
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QUOTE(Chowda @ Apr 17 2018, 02:50 PM) Was it the case a few years ago? I remember a lot of news covering it, was RM 8 million or RM 800k I think , but because a lot of the resident are senior citizen, government give 1k ah? I can't quite recall Cant remember the details. I only remember residence there make noise on the status of their property. Since the lease is almost over they cant sell and dont know if they should move out or not.But later gov announce can renew the lease but the price was quite high. And so final amount was rm1k. This post has been edited by silent_stalker: Apr 17 2018, 02:54 PM |
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