Govt urged to review RM1mil threshold for foreign buying of properties

TheStar Mon, Apr 29, 2019 08:15am - 5 years View Original

Johor Housing, Communications and Multimedia Committee chairman (centre) with Johor Real Estate and Housing Developers Asscoaition (Rehda) branch chairman Datuk Steve Chong Yoon On (left) and Johor Mapex 2019 organising chairman Andrew Tan at the launch of Johor Mapex 2019 on Saturday. - ZAZALI MUSA /The Star

JOHOR BARU: Johor Real Estate and Housing Developers Association (Rehda) is calling the government to consider reviewing the current threshold of property acquisition by foreigners.

According to Johor Rehda chairman Datuk Steve Chong Yoon On, the minimum threshold of RM1mil per unit imposed in 2014 should be reverted to RM500,000.

The measure was introduced by the previous administration to stabilise domestic prices from excessive speculation to enable local interests to acquire quality properties valued less than RM1mil per unit, especially residential units.

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Bembi Ng

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I think the government should review the policy based on property sub segment instead on the pricing. For example, no limit for foreigners in buying strata properties I.e high rise development for office, commercial unit and residential unit. Cause the oversupply is mainly in this sub segment. On the other hand, should prohibit foreigner to purchase and landed property in Malaysia. Just like what Thailand did. This should be the right way.

5 years · translate ·