Selangor announces incentives to spur investments into Integrated Development Region in South Selangor
15 Mar 2023
The Selangor government has introduced five incentives to drive investments into its Integrated Development Region in South Selangor (Idriss).
They comprise a special premium scheme, interest-free instalment payment for development charges, tax exemption for vacant land assessment, a 50% discount on the vacant building assessment tax, and business license fee exemption, according to Selangor Menteri Besar Datuk Seri Amirudin Shari.
“To further boost development projects in Selangor, the state government also gave consideration and approved incentives for Idriss,” Amirudin said in his address at the launch of Idriss here on Wednesday (March 15).
Idriss, first outlined under the First Selangor Plan 2021-2025, is expected to catalyse the development in the southern part of the state. The development involves an area spanning 40,000 acres (20,000ha) in the Sepang and Kuala Langat districts, with an estimated gross development value of RM1 trillion.
Amirudin also announced several additional incentives for the development of the Managed Industrial Park (MIP) to facilitate investments in Selangor, including fast-tracking processes and approval periods, as well as assessment tax and business license fee exemptions.
The state government will also offer incentives for developers and managers of the MIP, including interest-free instalment payment for development charges, and long-term leases for non-strata developments.
“These incentives for the development of Idriss and the MIP are a move that can encourage developers and landowners to ‘breathe new life’ into the state’s economic growth.
“This can also attract property developers to accelerate development activities by helping to reduce the initial cost burden of developing a project,” he said.
He hopes Idriss will act as a catalyst for investments into Selangor and make the state a regional trading hub.
Source: The Edge Markets