in Nanyang. My [exclusive] return on investment of 60 million is only 2.6%. A tax reduction for renovating old buildings cannot offset the high cost.

in Nanyang. My [exclusive] return on investment of 60 million is only 2.6%. A tax reduction for renovating old buildings cannot offset the high cost.

The government's move to encourage companies to turn idle office buildings into rental housing and provide a special 10% tax deduction was officially announced last week. However, real estate consultants pointed out that the renovation cost reaches between RM250 and RM450 per square meter, and the return on investment of some projects is only 2.6%. The tax break may not be enough to attract owners to invest heavily in renovations.