The Selangor state government is offering new incentives to boost development projects in the state, involving the Integrated Development Region in South Selangor (IDRISS) and the development of an industrial park using the Managed Industrial Park (MIP) concept.
Menteri Besar Datuk Seri Amirudin Shari said five incentives have been introduced to drive the development of IDRISS, namely a special premium scheme, interest-free instalment payments of development charges, vacant land assessment tax exemption, a 50 per cent deduction in vacant building assessment tax and business license fee exemption.
Speaking at the launch of IDRISS here today, Amirudin said as for the industrial park’s development, the state government has introduced several additional incentives to facilitate investments, including fast-tracking processes and approval periods, as well as assessment tax and business license fee exemptions.
“The incentives for developers and managers of the industrial park also include interest-free instalment payment for development charges and long-term lease on non-strata development, among others,” he said.
He said the incentives are expected to motivate developers and landowners and breathe new life into the state’s economic growth.
“This will also help property developers to speed up development activities by helping to reduce the initial development costs of a project,” said Amirudin.
IDRISS is one of the agendas outlined in the First Selangor Plan 2021-2025 (RS-1), and the development involves an area spanning 20,000 hectares in the Sepang and Kuala Langat districts, with an estimated gross development value of RM1 trillion.
Meanwhile, the industrial park is to be systematically managed by the Industrial Park Manager (IPM) and the developer, or the IPM appointed to manage and maintain the park.
