Glomac Calls for Stamp Duty Relief for Owners Upgrading to a Bigger Home

Key figures

• Glomac CEO Datuk Seri FD Iskandar asked for stamp duty exemptions for one-home owners who sell to upgrade, after the 22 October AGM (EdgeProp; same call in Nanyang Property and The Star)
• The Star: he hopes a Budget 2027 mid-term review will cover this, with possible price caps of RM500,000, RM750,000 or RM1 million
• Construction costs: landed up 5% to 9%, high-rise up about 15%, earthworks and infrastructure up about 30% on higher diesel prices (all three outlets)
• Margins: around 15% (Nanyang Property) or the mid-teens (EdgeProp), down from about 30%; The Star says larger developers now eye single-digit margins
• EdgeProp: all non-Bumiputera units in a commercial project Glomac launched last month were taken up
• Glomac FY2026 final dividend of 1.38 sen a share, payable 16 December (Nanyang Property, EdgeProp)

News summary

Glomac Bhd managing director and CEO Datuk Seri FD Iskandar has asked the government to extend stamp duty exemptions to people who own only one home and sell it to buy a larger one. He spoke after the company's annual general meeting on 22 October, EdgeProp Malaysia reported, and Nanyang Property and The Star carried the same call. His example was a young couple who start in an apartment and later move to a landed house as the family grows.

EdgeProp reported Iskandar saying the relief should be open to anyone who owns a single house. The Star reported that he hopes a mid-term review of Budget 2027 will extend the exemption to one-home owners, with possible price caps of RM500,000, RM750,000 or RM1 million. The Star also said he wants more help for first-time buyers with the initial deposit, which he called a major barrier even when monthly instalments are affordable.

All three outlets carried the same cost figures. Construction costs for landed homes are up 5% to 9%, high-rise costs are up about 15%, and earthworks and infrastructure costs are up about 30%, mainly because of higher diesel prices. The Star linked the latest cost pressure to the Middle East crisis, and EdgeProp and The Star said some developers are revisiting designs and looking at higher density to offset costs.

The outlets described the fall in margins differently. Nanyang Property put industry profit margins at around 15% and EdgeProp at the mid-teens, both down from about 30%. The Star said margins below 30% were once seen as unacceptable, expectations slipped to 25% and then 20%, and larger developers are now looking at single-digit margins. All three outlets reported Iskandar saying developers absorb costs where they can and pass some on to buyers.

On demand, EdgeProp and The Star said landed homes remain resilient. EdgeProp reported a recovery in interest for commercial property, with all non-Bumiputera units taken up in a commercial project Glomac launched last month, while The Star said shoplots have gained traction. Glomac shareholders approved a final dividend of 1.38 sen a share for FY2026, payable on 16 December, according to Nanyang Property and EdgeProp.