New developments to share

[malpaso]

6% tax on raw materials n 6% tax on e price of e house (assuming property is also taxed). So net is 12% increase in price. My guess is many locals will push forward their purchase. Let's c whether it will lead to a rush for big item purchase. My guess is it will n prices will be pushed up before implementation.

property should be not gst taxed. they can always implement property additional stamp duty for that. my guess.

 

[Valdez]

HSR and RTS dropped.

 

[malpaso]

highlights.

http://www.reuters.com/article/2013/10/25/malaysia-budget-highlights-idUSL3N0IE0TY20131025

double tracking along west coast, yahoo.. my dad loves to take the train. in future i just pick him up from kempas.. hehe.

 

[malpaso]

HSR and RTS dropped.

how you know? it doesn't say dropped, only not mentioned.

 

[Steventlk]

RGPT:
1st - 3rd Year: 30%
4th Year: 20%
5th Year: 15%

6th Year onwards: 0%

no more DIBS

Min foreign purchase : RM $1 million

GST 6% from April 2015

property prices will rise surely

No dibs from when?

 

[malpaso]

Public projects;
1- A 316-kilometre West Coast Expressway. Locally listed Kumpulan
Europlus Bhd owns 80 percent of the project, while IJM
Corp owns the balance 20 percent.
2- Double-tracking rail project along west coast Malaysia. The
project is carried out by as a joint venture between MMC Corp
and Gamuda.
3- Various projects from state oil firm Petronas under
its 300 billion ringgit capex programme, including a
petrochemicals plant in southern Johor state.

1- yay. start looking out for coastal developments along west coast. i assume this new hiway runs along the sea.
2- yay. better idea than the HSR. look forward to better connectivity from seremban down to JB. one of the stops must be kempas.
3- yay. for JB property. esp senibong cove, seri alam etc.

 

[malpaso]

Foreigners 30% RPGT for 1st 5 years ...aiyoh

After 5 years and thereafter RPGT 15%

hey! all this is being tabled now. means.. not 100% confirmed right?

 

[Valdez]

how you know? it doesn't say dropped, only not mentioned.

Yeah you could be right. Lets wait for tomorrow newspaper

 

[Valdez]

I wonder does it mean rules for Medini ie foreigners can buy below $500K and no restriction on buying and selling still hold. ?

 

[FHBH12]

property should be not gst taxed. they can always implement property additional stamp duty for that. my guess.

Yup, just seen e full measures. I feel price will still be pulled upwards w e measures.

 

[malpaso]

Yup, just seen e full measures. I feel price will still be pulled upwards w e measures.

actually even currently got the 7% sales or whatever govt tax. this to be replaced by gst. so.. maybe not a major effect.
but the 1M RM for foreigner dunno how. will singaporeans now give iskandar a miss in droves, esp those bread & butter houses?

 

[Chocolate]

Yup, just seen e full measures. I feel price will still be pulled upwards w e measures.

I agree as overall building materials and other costs will go up. But properties below 1M except those in Medini and special zones where foreigners can buy at any price, may not do as well. I think the abv 1M bracket may do better now as foreigenrs are forced to up their budget if they want to buy. Foreigners who are holding units valued below 1M will now only be able to sell to locals so this group is not in a good position..The 500K to 1M range may actually see a price drop with a more limited market now.

 

[malpaso]

I agree as overall building materials and other costs will go up. But properties below 1M except those in Medini and special zones where foreigners can buy at any price, may not do as well. I think the abv 1M bracket may do better now as foreigenrs are forced to up their budget if they want to buy. Foreigners who are holding units valued below 1M will now only be able to sell to locals so this group is not in a good position..The 500K to 1M range may actually see a price drop with a more limited market now.

yup exactly. esp locals now know those <1M houses no longer foreigner driven, they may play a waiting game to squeeze out those weak holders. but don't be too sure the 'special zone' property will be exempted. this will be interesting to see. if so, then i see more leashold condo sprouting up in around medini area.

 

[Polaris]

No dibs from when?

Yes. Keen to know too...

 

[Sunday]

Question as follow:-
1) new RPGT rate, will this be effective if the propety is purchased before this is implemented?
2) DIBS prohibited, will effect the exisitng loan that we have?

 

[Chocolate]

Question as follow:-
1) new RPGT rate, will this be effective if the propety is purchased before this is implemented?
2) DIBS prohibited, will effect the exisitng loan that we have?

In MY it usually is effective even for those properties bought earlier, with regards to RGPT , so I think its yes to question 1. But as for question 2, I doubt properties already purchased under this scheme will be affected.However it may be prudent to check with your lawyer, or developers and also wait for details of the announcements.

 

[rainbow]

Yahoo Malaysia news reports that both Sale/purchase and rental of properties do not attract GST.

 

[kopikong99]

In MY it usually is effective even for those properties bought earlier, with regards to RGPT , so I think its yes to question 1. But as for question 2, I doubt properties already purchased under this scheme will be affected.However it may be prudent to check with your lawyer, or developers and also wait for details of the announcements.

Maybe the new trend for developers targetting investors' market to sell project with 5 years TOP and you can sell once collect keys and no RGPT.

Foreigners can only buy above 1million so most developers will build more expensive units and still no impact to market.

These 2 measures is already within expectation for quite some time.

The relief is no mention of 4-5% stamp duty.

The 6% gst will be positive for existing owners as new units most likely will be more ex to build.

Wish them well in further developing the country and economy.

 

[alnine]

Stamp duty is state control.

 

[kopikong99]

Stamp duty is state control.

Oh, didn't know that. So wait again for announcement.