• IP addresses are NOT logged in this forum so there's no point asking. Please note that this forum is full of homophobes, racists, lunatics, schizophrenics & absolute nut jobs with a smattering of geniuses, Chinese chauvinists, Moderate Muslims and last but not least a couple of "know-it-alls" constantly sprouting their dubious wisdom. If you believe that content generated by unsavory characters might cause you offense PLEASE LEAVE NOW! Sammyboy Admin and Staff are not responsible for your hurt feelings should you choose to read any of the content here.

    The OTHER forum is HERE so please stop asking.

New developments to share

shctaw

Alfrescian (Inf)
Asset
It is a good sign.

It show market is heating up.

And govt always do wrong thing at wrong time.

It is also telling those whom cannot afford to avoid this segment. Hence the chance of panic selling will be lower.

We did it guys. Market is over heated.

Johor to impose property assessment rate on foreign ownership


The move also affect local owners whose property is valued above RM1 million and is expected to be implemented within this year.

Johor Menteri Besar Datuk Seri Mohamed Khaled Nordin said the move was crucial as the last review on assessment rate was carried out between the 1980s and 1990s.

He said the decision would allow the councils to generate more income in order to provide better services.

"It is time for us to look at foreign ownership in the state because our people in other countries are also imposed a different tax rate."

"For locals with property valued below RM1 million, the rate will remain the same."

"Currently, six local councils, including the Johor Baru City Council (MBJB), have completed their review of the assessment rate, which are awaiting the nod from the government.

"The public now expects better services from the local councils, and for the local councils to render better service, they must be in a strong and stable position to fulfil the aspirations of the people," he said after attending a working visit to the Permas Jaya zone here, where he is also its state assemblyman.

Currently, foreigners are only subjected to guidelines as they can only buy properties that are above RM500,000 and property developers can only sell up to 30 per cent of their non-low and medium-cost properties to foreigners, in a bid to protect the interests of the locals.

Khaled said RM4 million allocation by the federal and state government has been channelled to the MBJB for the development of its road infrastructures, the construction of a new bridge for vehicles from Permas Jaya to the Permas Jaya industrial estate leading to Pasir Gudang and a new community hall with a library.

"This allocation was approved before I became the Menteri Besar. Even if I had not won the Permas state seat, I will still care about the issues faced by the people.

"And Permas Jaya, being under the jurisdiction of the MBJB, I want the facilities in this zone to mirror the efficiency of MBJB. This will portray us as a Pro-Rakyat government," he said.
Khaled said all the 24 zones under MBJB would be given amenities like community halls and mosques.
Khaled, who listened as the community grassroots air their grouses to him yesterday, also urged the local councillors to be the eyes and ears of the state government,
 

potter

Alfrescian
Loyal
Inc of property tax is expected and paying it for a FH property, it worth in e long run.
once ppl get use to it, it'll be back to norm. Nothing to "hu ha" about. :biggrin:
 

wolverine23

Alfrescian
Loyal
Introduction of more taxes, etc is good.

It shows that money is coming in fast.... smart govt will also want to profit from these. Do you think investments will stop because of this???? :smile:
 

arsenal

Alfrescian
Loyal
Agree it is good. However foreigners will be taxed more than locals. . I agree and happy to pay.

However it remind me how generous singapore..

If less foreigners want to buy if tax too much, the biggest losers is stil malaysia.





Just helping you to edit for typo :p
 

Icebaby

Alfrescian
Loyal
Rosnyus,

We were comparing bh with cascadia too. Had exactly the same thinking with regards to the 2 properties. With the really high property prices in jb now, not much choices.

Yeah, think we should start a new thread as there's yet to be any eco cascadia thread. But first, I must figure out how to do it :rolleyes:
 

Albertwong

New Member
Hello Folks. my regards to all, am new here and hope to get some useful advice from the seniors here. I was considering to buy a propert in JB for our own stay....Heard about the proposed new property taxes...May i ask all those seniors whom have propoerty there how much are they paying for the property tax now? thanks alot in advance
 

Valdez

Alfrescian
Loyal
Property prices just keep rising


THE property market in Iskandar Malaysia has been booming in recent years, so much so that it has become an increasingly uphill task to own a house in the growth region.

A newly-built triple-storey shophouse will easily cost at least RM1.3 million these days.

A decent double-storey terrace house is tagged at higher than RM500,000.

For a household with a combined income of RM5,000, it remains only a dream to own a double-storey terrace house here.

The demand for such properties among Singaporeans has pushed up prices over the years.

This steep price hike does not actually reflect the earnings of the locals, which in turn has further widened the gap between property prices and their affordability among the locals.

One alternative is for local earners to get a low-cost or medium-cost property. However, most property developers have been reluctant to shoulder this social responsibility since they could make more money by building mainly premium and upmarket units to cater to foreigners.

And the escalating price of land has given them even more excuses to not even think of developing the low-profit units.

Many years ago, the government introduced the home ownership programme to enable more city dwellers to own their own home, rather than to become a tenant forever.

The construction of low-cost and medium-cost units under this programme was lauded, and the demand for such units overwhelmingly exceeded its supply.

It is not known if the programme is still in place or has become irrelevant because of the rising land prices.

Those intending to settle down in Iskandar Malaysia would especially be worried whether they could make ends meet if they were to own a property.

This was why, when Menteri Besar Datuk Seri Mohamed Khaled Nordin recently highlighted the government's plan to build more affordable houses in the next five years, the response was enthusiastic.

He stressed the requirement for all developers to satisfy the needs of low-income and medium-income earners by including affordable units in their projects.

The exorbitant property prices in Singapore have forced many Malaysians working there to live in Johor Baru and commute to their workplace.

The rental of a medium-sized room in the republic easily costs S$800 (about RM2,000). Therefore, it would make more sense to stay in Johor Baru these days.

In fact, paying for rental in Singapore would be more than equivalent to paying for the instalment of a decent double-storey terrace house in Johor Baru.

This competition from those working in Singapore would mean that local workers would find it harder to own a property.

It is therefore hoped that the state government will make it its agenda to cater to the housing needs of the low-income and medium-income earners.

The Johor Housing Board should be more proactive in monitoring the locals' needs for affordable housing units.

It doesn't make sense for Iskandar Malaysia to get prosperous when the people here are not even able to have homes that belong to them.


Low-cost and medium-cost apartment units are also in demand in Iskandar Malaysia.
 

Valdez

Alfrescian
Loyal
Johor plans higher property tax for foreigners

Posted on June 3, 2013 - Featured, Property News.

By DESIREE TRESA GASPER | [email protected]

JOHOR BARU: The state government will impose higher tax rates for about 130,000 foreigners who own property in the state.

Mentri Besar Datuk Seri Mohamed Khaled Nordin said the amount was still being discussed but the new rates would be imposed by the end of the year.

“I believe that most Malaysians will be in agreement to this new policy. It is done to increase our state’s returns,” he said before going on a walkabout in Permas yesterday.

Mohamed Khaled said a property re-evaluation exercise would also be conducted statewide as the last formal evaluation was done in the 1980s.

“There has been a steady hike in property prices in Johor and the re-evaluation is aimed to ensure that the local councils get proper tax returns.

“Tax payers, however, do not have to worry about being burdened with higher taxes as there will be no increase in tax for lower priced properties,” he added.

However, he said there could be an increase for those who owned high-end property that were priced in the millions.

“We are not here to burden the people but it is important for us to collect taxes based on the current market value to ensure that the returns can be used to benefit the people,” he said, adding that further details on the matter would be revealed in the near future.

On a separate matter, Mohamed Khaled said that RM4mil had been allocated to improve infrastructure facilities including the widening, tarring and building of new roads within the Permas zone.

Mohamed Khaled, who is also Permas assemblyman, said that this was a joint allocation provided by the state and federal governments aimed at improving the conditions in the area.

Kenanga Research commented that they are not surprised by this news as there were talks prior to the general elections about raising the level after which foreigners can buy homes (which is currently RM500,000 per unit).

“We believe the property tax refers to quit rent, assessment rates or stamp duties as these are the local council’s source of revenue and there is no difference between what locals’ and foreigners’ rates… While the news may cause some slight knee-jerk reactions, as seen with RPGT hikes in the last few years, it will only be temporary. In comparison to the property tax paid in Singapore by foreigners of up to 15% p.a. versus in Johor (assessment tax of up to 6% p.a., quit rent of 1.0-2.0sen psf), we believe Johor’s property tax is still low which means increases will not deter the overall bullish demand trends by foreigners. Additionally, property per unit in Johor is far cheaper than Singapore, implying lower absolute property taxes to be paid annually…

“We believe the measure is best for long-term sustainability in demand as the influx of foreign property buyers could price a lot of locals out and cause sharp spikes in asset inflation, which could lead to a property bubble… We continue to remain bullish of Johor property plays.”
 

terencetan1981

Alfrescian
Loyal
Property prices just keep rising


THE property market in Iskandar Malaysia has been booming in recent years, so much so that it has become an increasingly uphill task to own a house in the growth region.

A newly-built triple-storey shophouse will easily cost at least RM1.3 million these days.

A decent double-storey terrace house is tagged at higher than RM500,000.

For a household with a combined income of RM5,000, it remains only a dream to own a double-storey terrace house here.

Low-cost and medium-cost apartment units are also in demand in Iskandar Malaysia.



A developed country is not a place where the poor have cars. It’s where the rich use public transportation.

- Gustavo Petro, Mayor of Bogot

how many low/medium cost housing is the answer to the rising cost of property when the real call is to curb the speculation and re-look at the inflation rate? We are seeing Singaporean being priced out in JB; are we expecting to see 80% of low/medium cost housing like the ratio of HDB:private?
 

RedsYNWA

Alfrescian
Loyal
Hello Folks. my regards to all, am new here and hope to get some useful advice from the seniors here. I was considering to buy a propert in JB for our own stay....Heard about the proposed new property taxes...May i ask all those seniors whom have propoerty there how much are they paying for the property tax now? thanks alot in advance

Thought it was written in ST article today? For houses valued at RM 500K, the current property tax is RM 700 (0.14% of RM 500k). Key word here is "valued". As an eg, my current house (which I purchased for RM 500K, now selling at RM 800K in subsequent phase) is only valued at RM 350k plus for tax purpose. Property tax ard RM 500.

Dont think an additional RM 1-2k property tax annually is much of an issue really..... More to make the locals happy....
 

byfaith

Alfrescian
Loyal
wuqi

pls advise how do we join the group buy ? is there some criteria you look at ?

thanks

Thanks everyone, i would prefer folks joining the group buy to be buying for their own use or investing and not just for speculation. Buy only if you really like the place and feel comfortable. Do not take my word for it and do your own due diligence first. Never be afraid to ask for more information.

Check with land office, company search or your own lawyers if in doubt. Folks who have joined me previously will be given first priority.
 

gooddebt

Alfrescian
Loyal

sillysinky

Alfrescian
Loyal
I think this is for the Kempas Integrated Transport Hub project at Kempas/Setia Tropika.

http://announcements.bursamalaysia.c... Release.pdf

MASTEEL 60% joint venture company Metropolitan Commuter Network Sdn Bhd received green light from Ministry of Transport on Iskandar Malayasia Rail Project.

Also read from oriental daily today, Masteel received low interest loan from the federal government to carry out this project.
for those who read mandarin, the source of news is here:
http://www.orientaldaily.com.my/inde...20:&Itemid=198

So RTS is confirmed ?
 

FHBH12

Alfrescian
Loyal
I think this is for the Kempas Integrated Transport Hub project at Kempas/Setia Tropika.

I think it should be this KTM Komuter train: page 16-3, Table 16-5, which adds up nicely to 101 km (close to the report* 100 km rail) http://www.iskandarmalaysia.com.my/pdf/cdp/19._Chapter16_-_Transit_Oriented_Development.pdf

*Report: http://www.thesundaily.my/news/728083

If I'm not wrong the developers should have been earlier lobbying for the stations to be next to their developments.
 

Valdez

Alfrescian
Loyal
More information needed on higher tax rates for foreign property buyers in Johor

Posted on June 4, 2013 - Featured, Property News.

By ZAZALI MUSA and EUGENE MAHALINGAM | [email protected]


The State Assembly building within Johor’s Kota Iskandar in Nusajaya.

PETALING JAYA: There are mixed views on the Johor government’s proposal to impose higher tax rates on foreign property buyers as there is still no clarity on how this will be done.

While there was a kneejerk reaction in the stock market, with UEM Land Bhd, a proxy to the Iskandar growth corridor, down nine sen to RM3.41, optimists point to the positive property sentiments coupled with the low foreign share of buyers as reasons why the state government’s move would not have much of an impact.

Johor Mentri Besar Datuk Seri Mohamed Khaled Nordin said on Sunday the state government would impose higher tax rates for about 130,000 foreigners who own properties in the state.

However, he said the tax rate was still under discussion but would be imposed by year-end following a statewide property re-evaluation exercise to ensure that local councils get proper tax returns.

Johor Real Estate and Housing Developers Association (Rehda) branch chairman Koo Moo Hing said most foreigners who bought properties here were genuine investors and not speculators.

He said based on the statistics compiled by Johor Rehda from all its members, foreign property ownership in the state was as low as 5%.

“We hope to get more details on the proposal and better still if the state government could get feedback or views from developers,” Koo told StarBiz.

KGV International Property Consultants (M) Sdn Bhd executive director Samuel Tan Wee Cheng said the proposal would not have a drastic impact on the Johor property market.

He said Johor Baru would remain attractive to foreign property buyers especially Singaporeans due to the city’s close proximity to the island-republic and because prices of property here were still cheaper compared to the republic.

Tan said Iskandar has been progressing well since the growth corridor’s launch seven years ago and would continue to be the driving factor in attracting foreign property buyers to the state.

“While the policies by the state government are meant to protect local interests, they should not scare foreign investors from coming to Johor,” he said, adding that the new policy should be a balancing act and should protect locals as well as attract foreign investors.

Malaysian Institute of Estate Agents president Siva Shanker said the move would create uncertainty and would result in foreign investors adopting a “wait-and-see” approach.

“If I’m looking to invest in property in Johor, I’d hold off my purchase until I’m sure what it’s all about. If the whole thing is going to take say, six months to be finalised, then investors are going to wait and see for six months,” he pointed out.

Siva noted that the property market had been more active in the past month following the general election compared with the first four months of the year as there was pent-up demand.

“If I were an investor in Johor, I would be a bit worried,” said Siva.


He said there were better ways for the state government to generate revenue.

“Capitalise on Iskandar Malaysia (in Johor). It’s already booming and taken on a life of its own. The state government should focus on attracting more people, both locals and foreigners, to come in (to Iskandar),” Siva said, adding that more information should be disclosed on the proposed higher tax rate.

Johor Baru-based Tiram Realty chief operating officer Lim Boon Ping said the higher tax rate would depend on the quantum of the adjustment.

“If it’s a drastic increase, it may dampen the market for a while. But it’s likely to be for high-end properties and I don’t think it would be a major adjustment. Also, sentiment in Johor is strong and probably won’t have an impact,” he said.

CB Richard Ellis (Johor) Sdn Bhd director Wee Soon Chit also said while the news would create concern among foreign buyers, the property market “is still hot enough to create demand”.

However, a company official with Mulpha International Bhd was less positive on the move, saying that any negative news would deter potential foreign investors.

“If it’s not something encouraging, it will have some impact,” he said, adding that a large percentage of the company’s buyers in Johor were foreigners.

Related Articles:
 

shctaw

Alfrescian (Inf)
Asset
It is just all fun. Haha.

Like when I told my friend to buy resale 3 rm HDB in 2004 at $146K; just because of SARS he hold off and put in a "wait and see" approach.
Guess what.... now 2013 he is still waiting. (that HDB should be worth more than $400k now as located in ChinaTown.



“If I’m looking to invest in property in Johor, I’d hold off my purchase until I’m sure what it’s all about. If the whole thing is going to take say, six months to be finalised, then investors are going to wait and see for six months,” he pointed out.

Siva noted that the property market had been more active in the past month following the general election compared with the first four months of the year as there was pent-up demand.

“If I were an investor in Johor, I would be a bit worried,” said Siva.


:
 

Valdez

Alfrescian
Loyal
Seemed like foreigners are not welcomed at all in Johore. Very soon the authorities will find ways and means to chase all foreigners out of iskandar. This place only meant for johoreans not foreigners. I see another CLOB in the making. Such an unreliable and tricky government.

Introduction of new property assessment rates is spot on


THE announcement by Johor Menteri Besar Datuk Seri Mohamed Khaled Nordin to introduce new property assessment rates on the 130,000 foreign property owners in Johor this year, was greeted with applause at a working visit to the Permas Jaya zone in Johor Baru recently.

Khaled, who is also the Permas state assemblyman, said that a shophouse that was valued at RM300,000 back in the 1980s could now be worth three times more, depending on the neighbourhood.

As Johor has been enjoying rapid growth of late, many foreigners have snapped up the properties here. I, for one, think it is definitely a good idea to introduce new property assessment rates.

When we buy properties in other countries, we, too, are subject to a different tax rate. So, it is only fair and wise for us to do the same.

Currently, foreigners are only subjected to guidelines as they can only buy properties that are above RM500,000 and property developers can only sell up to 30 per cent of their non-low and medium-cost properties to foreigners, in a bid to protect the interests of the locals.

As expected, the announcement was met with mixed response on various forums on the Internet. Some even commented that this was a good way to fleece foreigners.

This is not surprising as not everyone likes change, more so when it concerns taxes.

In this re-evaluation exercise, which some local councils have already embarked on, only locals whose properties are valued at more than RM1 million will be affected by the new rates.

So, the "not-so-rich, not-so-poor" group, like so many of us, need not worry too much about the new move.

It is a timely move as the last evaluation exercises were carried out by the various local councils more than two decades ago.

Khaled said this would generate more income for local councils, which in turn will provide better services for the people.

Now, the question in the minds of those who will be affected by the new rates is, when will it be implemented this year, how will the tax hike commensurate with the services?

Will the local council respond with super swiftness and efficiency that is expected of them? I am sure many of us have called the local council before. For those of you who have not, I will relate a friend's experience which occurred several years ago.

The problem has now been fixed, but she was at her wit's end when the problem first surfaced.

My friend, Jane lives in a quiet and peaceful neighbourhood. One day, she was awoken by a loud noise. A motorcyclist had fallen off his bike near her gate after he rode into a pothole. It was still very early in the morning, and in the darkness, he did not see the pothole.

Luckily, the motorcyclist wasn't hurt. But Jane tried to be a good citizen and she called the local council to report the matter, hoping that the authority would have the road repaired quickly or direct her to the right department for such complaints.

Well, directed her they did. The operator directed the call to another department, which in turn, directed her to yet another department, which in turn re-directed her back to the local council.

Jane eventually gave up. It could not be established who eventually came to mend the pothole.

Another caring neighbour also tried to contact the local authorities concerning a clogged drain. He encountered the same problem of being directed from one department to the next, an exercise in futility.

As to whether the new assessment rates will affect property sales in Johor, a property consultant said he does not think so but he cannot be certain until he knows what the new rates are.

For now, he feels it may not deter foreigners from buying the properties here if the new rates are not high enough.

But the property consultant said those who had invested in landed properties with strata titles are going to wonder if they, too, will be subjected to property assessment as they are already paying a maintenance fee to the property developer.

Well, the move to introduce the new assessment rates and a different rate for foreigners shows that the interest of the citizens are being protected. Affluent foreigners are not given the red carpet treatment and locals are not sidelined.
 
Top