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Johor to ban foreigners from buy secondary-market properties?

freedom

Alfrescian
Loyal
Read the news in Chinese:
http://mykampung.sinchew.com.my/node/248268
It says Johor will ban Foreigner from buying properties in 2nd market.

It looks strange, since it conflicts the another recent news:
http://www.mysinchew.com/node/90262

Is the article reliable? If it is really true, may reconsider my decision to buy the property in Austin Heights. But who will want to buy if they come up with such a measure? Wouldn't the property market, esp new launches suffer greatly? Can anyone confirm if this harsh measure is true?
 

LeMans2011

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Loyal
Read the news in Chinese:
http://mykampung.sinchew.com.my/node/248268
It says Johor will ban Foreigner from buying properties in 2nd market.

It looks strange, since it conflicts the another recent news:
http://www.mysinchew.com/node/90262

Looks like the sinchew reporter either cannot understand Bahasa or English. Below is latest update on 28th August - statements also made by Abdul Latiff Bandi: http://www.nst.com.my/streets/johor/foreign-real-estate-ownership-policy-under-review-1.344709

Foreign real estate ownership policy under reviewPOSSIBLE REVISION: Current policy may be amended to keep escalating property prices under control
THE state government is reviewing and looking to amend the policy on foreign ownership of real estate in Johor.

Johor Housing and Local Government committee chairman Datuk Abdul Latiff Bandi said this in response to a question by Mohd Ismail Roslan (Semerah-BN) on the state government's efforts to control escalating property prices in Johor during the state assembly meeting recently.

Latiff said a work committee chaired by Johor Land and Mineral Office director Jama Johan and a state committee chaired by Menteri Besar Datuk Seri Mohamed Khaled Nordin had been formed to review the policy.

"The Johor Land and Mineral Office have organised a workshop and meetings with the Real Estate and Housing Developers' Association Malaysia (Rehda) to get feedback on the matter," he said.

Latiff said the review was conducted upon the principle of maintaining the growth of the real estate industry and foreign investment in the state and to increase income for the state.

"I hope that all developers will cooperate should the policy be amended," he said.

He said it was also inaccurate to claim that the property price hike was due to the increase in the numbers of buyers from Singapore.

He said residential property prices were determined by other factors including the price of land, cement, bricks, steel and manpower.

Latiff also said that currently, foreign real estate ownership in Johor was controlled under the Land National Code 1965.

He said under Section 433B of the Code, foreigners could only buy real estate after their application was approved by the state government.

"The policy for foreign real estate ownership states that a foreigner can only purchase property worth RM500,000 and above," he said.

Latiff said there was also a quota to control the percentage of foreign investment in local real estate.

"For double-storey terrace and double-storey cluster houses, the quota is 20 per cent," he said.

He said for bungalows and vacant lots for bungalows, the quota was 30 per cent.

"For condominiums, apartments, and serviced apartments, the quota is 50 per cent from the total saleable units."

He said at present, there were 9,826 Singaporean owners of residential and commercial property in the state.

On a separate matter, Women and Family state committee chairman Asiah Md Ariff said the state government as looking after the welfare of the Orang Asli Seletar in Simpang Arang, Gelang Patah, who had been affected by development in the Iskandar Economic Region, Port of Tanjung Pelepas and Tanjung Bin.

"The state has extended help through the Orang Asli Development Department," she said in response to a question from Jimmy Puah Wee Tse (Bukit Batu-PKR).

"Among the aid we have given are bus fees for Orang Asli schoolchildren, daily pocket money of RM2 each for secondary school students and food baskets for 394 heads of family in Gelang Patah," she said.

She said the state government had also built seven new houses worth RM280,000 and repaired four houses at a cost of RM44,000 for the Orang Asli Seletar this year.

She said at present, there were 12,954 Orang Asli in the state, of which 1,709 were Orang Asli Seletar.
 
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MalSin

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It is NOT the foreigners that is causing the price increase, I believe it is the policy that set the minimum $500k in order foreigner can buy.
These clever developers will of course set their sale price to this minimum criteria where both M'sians and Foreigners can buy. Try set it to $1m and it will be like Penang.
They already have the Quota system which is the best mean to control like Switzerland. Spore should also apply this system but ... lost of revenue-lah.
 

MalSin

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The increase in the prices of houses in the state is NOT resulted from the purchase of real estate by foreigners, including Singaporeans.
It is the 'minimum RM500k purchase price' policy. These clever Developers of course will raised their cheapest units to the minimum amount so that they can sell to both locals and foreigners.
Having a Quota system is already a very good influx/mixture control of locals and foreigners in new estates.
 

sotong007

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A FB group i join says they were informed that the star newspaper will publish the new cooling measure this coming Sat in the news paper.... better start praying now....

I got 2 already sign SPA, and wont be making any more buys until I am clear of the exact new cooling measures
 

malpaso

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A FB group i join says they were informed that the star newspaper will publish the new cooling measure this coming Sat in the news paper.... better start praying now....

I got 2 already sign SPA, and wont be making any more buys until I am clear of the exact new cooling measures

even if it seems clear (budget 24/10/13 no news), what make you think state govt won't anyhow hantam a new rule on jan 1 2014? better be safe than sorry. buy only what you can afford at decent prices to keep for long term.
 

east539

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it is true that foreigners will not be allow to buy subsale property anymore, but that is only restricted from buying subsale properties from locals, but foreigners still can do so by buying subsale from foreigners who own my properties.

but that also mean locals only can sell their subsale properties to locals.

the processing fee which i believed is the state levy is also confirmed increase, it will be pledge at 4-5% of the property purchase price


http://www.starproperty.my/index.ph...fees-for-foreigners-buying-properties-to-4-5/
 
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FHBH12

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Loyal
it is true that foreigners will not be allow to buy subsale property anymore, but that is restricted from buying subsale properties from locals only, but foreigners still can do so by buying subsale from foreigners who own my properties.

in another words around also mean locals only can sell their subsale properties to locals only

http://www.starproperty.my/index.ph...fees-for-foreigners-buying-properties-to-4-5/

Good for foreigners :biggrin: Locals will be badly screwed :rolleyes:
 

usedtojb

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Loyal
hello bros and sis
this policy makes me think to continue my interest in 8scape project or not...
paid booking fee of rm5k and just got LO from 2 banks...

but dunno should i continue or not....

project takes 4 years to be ready.. 2017..meanwhile i still have to pay loan...
rental income may not be too good....

with this new law...want to sell later also got problem....
dunt tell me the govt wants me to 'give' to my relatives in mesia cheap2....

so how arr taikos???
 

FHBH12

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Hahaha... i bet it did not cross his mind that it is locals who are being screwed and not foreigners! But give him some time he will realise.

Someone will lose seats if implemented. The higher income Malaysians are already quite upset, and the low income Malaysians don't know how it will benefit them since current prices are already very high.
 

RedsYNWA

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Hahaha... i bet it did not cross his mind that it is locals who are being screwed and not foreigners! But give him some time he will realise.

He got another proposed measure to screw foreigners leh. Foreigner restricted from selling 1st property! Lagi jialat measure.
 

cybermad

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He got another proposed measure to screw foreigners leh. Foreigner restricted from selling 1st property! Lagi jialat measure.

The Federal govt will step in and squash these stupid rules. This new idiot MB is the one to be screwed instead .
 
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