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Johor to review property ownership policy for foreigners
Price hike not due to rise in number of buyers from Singapore, it says
PUBLISHED AUGUST 29, 2013
[NUSAJAYA] The Johor government is looking to review the policy on foreign ownership of real estate to keep the escalating property prices in the state under control, said Johor Housing and Local Government Committee chairman Abdul Latiff Bandi.
Mr Latiff was responding to a question by Mohd Ismail Roslan (Barisan Nasional MP from Semerah) on the state government's efforts to control the escalating property prices in Johor during the state assembly meeting recently.
According to Malaysia's New Straits Times, Mr Latiff said a working committee chaired by Johor Land and Mineral Office director Jama Johan and a state committee chaired by Menteri Besar Mohamed Khaled Nordin had been formed to review the policy. "The Johor Land and Mineral Office has organised a workshop and meetings with the Real Estate and Housing Developers' Association Malaysia to get feedback on the matter," he said.
Mr Latiff said the review was conducted on 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 inaccurate to claim that the property price hike was due to the increase in the number of buyers from Singapore. Residential property prices were determined by other factors including the price of land, cement, bricks, steel and manpower, he added.
Foreign real estate ownership in Johor is controlled under the Land National Code 1965. Under Section 433B of the Code, foreigners could buy real estate only after their application was approved by the state government.
"The policy for foreign real estate ownership states that a foreigner can purchase property worth only RM500,000 (S$192,200) and above," Mr Latiff said.
He also highlighted a quota system that is used 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 added.
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."
Mr Latiff said at present, there were 9,826 Singaporean owners of residential and commercial property in the state.
http://www.businesstimes.com.sg/pre...property-ownership-policy-foreigners-20130829
Price hike not due to rise in number of buyers from Singapore, it says
PUBLISHED AUGUST 29, 2013
[NUSAJAYA] The Johor government is looking to review the policy on foreign ownership of real estate to keep the escalating property prices in the state under control, said Johor Housing and Local Government Committee chairman Abdul Latiff Bandi.
Mr Latiff was responding to a question by Mohd Ismail Roslan (Barisan Nasional MP from Semerah) on the state government's efforts to control the escalating property prices in Johor during the state assembly meeting recently.
According to Malaysia's New Straits Times, Mr Latiff said a working committee chaired by Johor Land and Mineral Office director Jama Johan and a state committee chaired by Menteri Besar Mohamed Khaled Nordin had been formed to review the policy. "The Johor Land and Mineral Office has organised a workshop and meetings with the Real Estate and Housing Developers' Association Malaysia to get feedback on the matter," he said.
Mr Latiff said the review was conducted on 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 inaccurate to claim that the property price hike was due to the increase in the number of buyers from Singapore. Residential property prices were determined by other factors including the price of land, cement, bricks, steel and manpower, he added.
Foreign real estate ownership in Johor is controlled under the Land National Code 1965. Under Section 433B of the Code, foreigners could buy real estate only after their application was approved by the state government.
"The policy for foreign real estate ownership states that a foreigner can purchase property worth only RM500,000 (S$192,200) and above," Mr Latiff said.
He also highlighted a quota system that is used to control the percentage of foreign investment in local real estate. "For double-storey terrace and double-storey cluster houses, the quota is 20 per cent," he added.
He said for bungalows and vacant lots for bungalows, the quota was 30 per cent. "For condominiums, apartments and serviced apartments, the quota is 50 per cent from the total saleable units."
Mr Latiff said at present, there were 9,826 Singaporean owners of residential and commercial property in the state.
http://www.businesstimes.com.sg/pre...property-ownership-policy-foreigners-20130829
白狗偷吃,黑狗挡灾 :d
PRs are locals too mah......haha
Actually, that 9,826 Singaporeans mentioned is relatively a very small group to cause the slightest ripple in the property market.
Its the Malaysians professionals and PRs working in SG, earning S$, flooding in to buy in JB and the numbers I believe far exceed that 9,826 by few times!
I personally know quite a few are already doing this, many to hedge and for investment and some, a nice home when earned enough and retire from SG.
Will this mean that State Consent fee would be the first to go up?
"Mr Latiff said at present, there were 9,826 Singaporean owners of residential and commercial property in the state."
Looking at the number officially released, Increase the state consent to penalise new potential Singaporean buyers instead of controlling the rises in price that is caused by Sg PR (locals).
Without more Singaporeans and other foreigners coming in for the SG PRs to sell to and support the Iskandar development, the SG PR and the locals would start sellings and then the prices would drop until they cry for their Iskandar projects.
It has always been a myth that the Singaporeans are the ones to buy most of the projects and politicians like to use foreigners as the culprit for high prices to score brownie points.
This is true. Based on my frequent forays into JB and chatting with the pretty agents, it is the SPRs who are behind the buying.
Singaporeans for all the wealth, are ultra conservative, and investing in JB is too risky for them and the returns are not significant for them to make the plunge.
Take myself for example. Even though the living costs in JB are cheaper than SG, it is not enough to entice me to sink money into JB. Seriously, how much can I save from groceries and zichar and movies and massages? SGD200 a week? SGD500 a week? If its not because of the potential notti returns in JB and KL, and the increasingly expensive China KTVs, I wouldn't buy into JB at all.
Anyway, I digress. I still see potential in Iskandar but I think most Singaporeans only see the pitfalls. So as for now, most of the buying in JB are done by SPRs.
Singaporeans for all the wealth, are ultra conservative, and investing in JB is too risky for them and the returns are not significant for them to make the plunge.
Take myself for example. Even though the living costs in JB are cheaper than SG, it is not enough to entice me to sink money into JB. Seriously, how much can I save from groceries and zichar and movies and massages? SGD200 a week? SGD500 a week? If its not because of the potential notti returns in JB and KL, and the increasingly expensive China KTVs, I wouldn't buy into JB at all.
Anyway, I digress. I still see potential in Iskandar but I think most Singaporeans only see the pitfalls. So as for now, most of the buying in JB are done by SPRs.
Ask most of Sinkies in Spore, they will tell u the same old history. JB not safe. The usual snatch thieves, house breaking very rampant. And nowadays they have another new addition to their list of scary JB... i.e. alot of happy armed trigger gangsters. These type of findings make them (both owners sinkies) tink many times b4 investing in JB. And yes. Most of the buyers at Iskandar are SPRs.....
why e SPR here...so quiet..
And with the strength of S$ against their home currencies, come pay day they will be laughing all the way to the bank, $ changer. But i share and sympatise the plight$ of those Msians who work and live in Msia...
So these groups of people, even Malaysian professionals, will buy >RM500K property so that they can sell even higher to Singaporeans?
Was at the lawyer office yerterday and the law assistant was a Malay lady staying in JB for many years, moved over from KL. She said the crime in KL is worst, but lots of rumours in JB. Probably JB is much bigger so more crimes reported by media. If Singapore is just as big maybe our crime rate also higher? Was passing by a bungalow in Singapore and saw the police signboard asking for witnesses about a break-in.
Many of us SPR came here with the plan to work here and retire in MY. Some of us married Sinkies.Surprisingly in my case and many of my friends in my situation( wife PR, hubby Sinkie), its our hubbies who are keener to retire in MY, even those who can afford landed here. They seem attracted to the laid back atmosphere, also it allows them to retire earlier, stretch the dollar.
May I also say, when we buy high priced properties, its often for our own use. SPRs who have a lot of money, will first and foremost invest in SG, at least many have in the past. I don't know if in the future it will be tougher as cooling measures are a hindrance. When the Iskandar plan was hatched, many saw it as a way to invest, but those I know are not flippers. Most buy for rental yield in old age, when they retire there.
Just one SPR's view
i bought in jb because the house is cheaper than KL for similar setia eco project there. infact jb not my first option. but thinking about it, not bad le as due to proximity to my SGP house, the stupid causeway jams notwithstanding. don't think the rental will be good. capital appreciation remain to be seen. but at least i have some options now for family use. if i bought in KL i would see the house maybe 3-4 times a year only.
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Thanks for sharing. I bought in JB because back in Singapore just too expensive to buy a bigger flat. Was looking for a jumbo but that would mean paying through the nose until nose bleed.
For this, you must ask them. I really don't know. Everyone buys with different objectives. Some buy to stay. Some buy to retire. Some buy to punt. Some buy because it offers them freedom. etc.
I suspect a lot of SPRs buy for retirement. They make use of the benefits in SG, save their money and want to eventually retire and die in MY. Which is what the SG govt wants anyway. Help us make money when you are young, but when you are old pls FO and die elsewhere. Pardon my French. Besides, as much as culturally, MY and SG are similar, they are still diff in many ways. MY SPRs frens have certain mannerisms that irk me... so much so that I have stopped asking them out for drinks or to my nite club parties. So quite many of them are more comfortable retiring in MY. Even Singaporeans will retire in JB one day. Just wait and see if I am rite. (Kindly note that I have nothing against SPRs. I am ok having meals and "frenship" with female SPRs. But when it comes to golfing, drinking and chionging, my requirements are a little more stringent.)
As for whether SPRs are punters or not, I am also sure, quite many of them are. Each Malaysian can get 90% loan for 2 properties - add in the DIBS feature, if I am Malaysian, I will also punt.
I suspect a lot of SPRs buy for retirement. They make use of the benefits in SG, save their money and want to eventually retire and die in MY. Which is what the SG govt wants anyway. Help us make money when you are young, but when you are old pls FO and die elsewhere. Pardon my French. Besides, as much as culturally, MY and SG are similar, they are still diff in many ways. MY SPRs frens have certain mannerisms that irk me... so much so that I have stopped asking them out for drinks or to my nite club parties. So quite many of them are more comfortable retiring in MY. Even Singaporeans will retire in JB one day. Just wait and see if I am rite. (Kindly note that I have nothing against SPRs. I am ok having meals and "frenship" with female SPRs. But when it comes to golfing, drinking and chionging, my requirements are a little more stringent.)
As for whether SPRs are punters or not, I am also sure, quite many of them are. Each Malaysian can get 90% loan for 2 properties - add in the DIBS feature, if I am Malaysian, I will also punt.
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Crime rate is measured via population numbers i.e. criminal act per 100,000 residents. NOT ACCORDING TO LAND SIZE.
The Malays lady how old? pretty or not? got ( . ) ( . ) ?
The Malays lady how old? pretty or not? got ( . ) ( . ) ?
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