Hi captainjones:
Here is a exerpt for the Malaysia 2013 Budget:
In a bid to curb speculation, the Government proposes the real property gains tax (RPGT) from the disposal of properties made within a period not exceeding 2 years from the date of purchase will be taxed at the rate of between 15% and 10% of disposal of property within a period of 2 to 5 years. For property disposed after 5 years from the date of acquisition, RPGT is not applicable.
Currently, the RPGT is 10% on gains in first two years after signing the S&P agreement, and 5% from years 2 through 5.
However, from 2013 on it will be hiked to 15% gains in first two years after signing the S&P agreement, and 10% from years 2 through 5.
Also, the tax is on your GAINS only - the difference between your Selling and Purchase Price. You also get to deduct expenses, such as Legal Fees, Brokerage, etc. Your lawyer shold be able to provide more details.