Friday, May 14, 2010

Sarawak govt imposes premiums based on flat rates

Good news for Sarawakians.

Chief Minister Tan Sri Ab­­dul Taib Mahmud announcing a flat rate on premiums for residential, commercial as well as agriculture properties. The new policy will take immediate effect.

The new policy has done away with the old system of calculating premium based on a percentage of the market value of the property. The new policy will cover renewals for 60 years.

For residential properties. the new rates are RM1,000 for a terrace house, RM3,000 (semi-detached) and RM6,000 (detached).

For shophouses, the rates are RM40,000 per unit in Kuching, Sibu, Miri and Bintulu; RM20,000 for Sarikei, Sri Aman, Kapit, Limbang, Mukah, Betong and Samarahan, and for rural towns of Lundu, Asajaya, Niah, Marudi and the likes, RM10,000 per unit.

The rates for agriculture land, RM5,000 per acre for town land, RM2,500 per acre for suburban land, and RM200 per acre for country land.

Taib said the state was implementing the new system to make it easier for the people to understand.

“I have always said the state government is sensitive and responsive to the people. The rates are the lowest compared with other states,” he said.

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