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Thread: Johor MB: RM1mil floor price for foreigners buying properties effective May 1

  1. #1
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    Default Johor MB: RM1mil floor price for foreigners buying properties effective May 1

    http://www.thestar.com.my/News/Natio...medium=twitter

    GELANG PATAH: The RM1mil floor price announced in Budget 2013 for foreigners buying properties in Malaysia will only take effect from May 1.

    Johor Mentri Besar Datuk Mohamed Khaled Nordin said that the new ruling would not affect developers who had received the planning approval for their projects before the date.

    He said this would give more time for developers to sell residential properties offered to foreign buyers at the previous minimum floor price of RM500,000 per unit.

    “If we don’t give them more time, they (developers) will have problems selling the properties at the old price; hence there will be a property glut,’’ Mohamed Khaled said on Saturday.

    He said this in a press conference at the pre-launch of 351 units of affordable houses priced between RM80,000 and RM150,000 per unit by UEM Sunrise Bhd here.

    The company had also pledged to build 10,000 units of affordable houses, which would be located in Gerbang Nusajaya and to be launched in phases from this year onwards.

    Effective March 1, foreigners buying properties in Kuala Lumpur, Labuan and Putrajaya have to pay RM1mil ceiling price, up from RM500,000 per unit previously.

    The Economic Planning Unit in a statement released on Friday said in other states, the actual enforcement date was subject to the respective state authorities.

    Asked whether the presence of international property developers in Iskandar Malaysia, especially from China, would create a glut in the property market in Johor, Mohamed Khaled said it was unlikely to happen.

    He admitted there were concerns by some parties about the large-scale development projects by international property developers offering thousands of units of residential properties in one go.

    “But, you must understand these are big players with strong financial background and we believe that they are able to sustain their projects and sell off their products,’’ said Mohamed Khaled.

    Separately, he said the state government would take action against developers who failed to build affordable houses despite getting approval by the state authorities to build the houses years ago.

    Mohamed Khaled said the state government had identified 100 developers which supposed to build 160,000 units of affordable houses but instead they focused on building other residential properties first neglecting their duties in providing affordable houses to the people.

  2. #2
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    Last i heard is CIMB is quite loaded with my home loans from singaporeans. Jia pa pa liao. Now my govt imposes this....looks like they have to start digesting before the next round of getting more " uckers" from sg.

  3. #3
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    Quote Originally Posted by princess_morbucks View Post
    http://www.thestar.com.my/News/Natio...medium=twitter

    GELANG PATAH: The RM1mil floor price announced in Budget 2013 for foreigners buying properties in Malaysia will only take effect from May 1.

    Johor Mentri Besar Datuk Mohamed Khaled Nordin said that the new ruling would not affect developers who had received the planning approval for their projects before the date.

    He said this would give more time for developers to sell residential properties offered to foreign buyers at the previous minimum floor price of RM500,000 per unit.

    “If we don’t give them more time, they (developers) will have problems selling the properties at the old price; hence there will be a property glut,’’ Mohamed Khaled said on Saturday.

    He said this in a press conference at the pre-launch of 351 units of affordable houses priced between RM80,000 and RM150,000 per unit by UEM Sunrise Bhd here.

    The company had also pledged to build 10,000 units of affordable houses, which would be located in Gerbang Nusajaya and to be launched in phases from this year onwards.

    Effective March 1, foreigners buying properties in Kuala Lumpur, Labuan and Putrajaya have to pay RM1mil ceiling price, up from RM500,000 per unit previously.

    The Economic Planning Unit in a statement released on Friday said in other states, the actual enforcement date was subject to the respective state authorities.

    Asked whether the presence of international property developers in Iskandar Malaysia, especially from China, would create a glut in the property market in Johor, Mohamed Khaled said it was unlikely to happen.

    He admitted there were concerns by some parties about the large-scale development projects by international property developers offering thousands of units of residential properties in one go.

    “But, you must understand these are big players with strong financial background and we believe that they are able to sustain their projects and sell off their products,’’ said Mohamed Khaled.

    Separately, he said the state government would take action against developers who failed to build affordable houses despite getting approval by the state authorities to build the houses years ago.

    Mohamed Khaled said the state government had identified 100 developers which supposed to build 160,000 units of affordable houses but instead they focused on building other residential properties first neglecting their duties in providing affordable houses to the people.
    You caught the news very fast

  4. #4
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    So after 1st May, as a foreigner, can I buy subsale or resale under MYR1mio?

  5. #5
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    Quote Originally Posted by kane View Post
    So after 1st May, as a foreigner, can I buy subsale or resale under MYR1mio?
    You can't...

  6. #6
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    So those who bought a MYR500k property will have to sit and wait till the price exceeds MYR1mio before they can sell? Or they have to sell to a local?

  7. #7
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    Quote Originally Posted by kane View Post
    So those who bought a MYR500k property will have to sit and wait till the price exceeds MYR1mio before they can sell? Or they have to sell to a local?
    Can sell to local. Most buyers are locals anyway.

  8. #8
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    No locals will buy rm 1 million pigeon hole in the sky in johor lah

    Quote Originally Posted by hyenergix View Post
    Can sell to local. Most buyers are locals anyway.

  9. #9
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    what the property agents will say is ..
    "look.. govt impose $1 mil min. rule for foreigners! This terrace house is priced at $800k, you buy now.. when may 1st come, you can sell at $1mil!"

  10. #10
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    absolutely true ... johorean or msian will not buy RM1M pigeon hole
    they can buy direct because there is unlimited supply
    else they will go for cheap and big terrace house
    imho, johor property either go for the cheapest MM or most expensive bungalow. everyone aim for mass market unit being affordable, who are the buyers willing to pay more

    Quote Originally Posted by Patrickstar View Post
    No locals will buy rm 1 million pigeon hole in the sky in johor lah

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