New foreigner ownership policy for Malaysia Property

Malaysia government’s last month Malaysia Budget 2014 announcements to increase foreigners purchasing Malaysia housing entry level raised from 500 thousand Malaysia Dollar to 1 million Malaysia Dollar. However, yesterday on 8 Nov 2013 Johor State government said that government will conditional allow foreigner in purchasing Johor property under 1 million.

According to Malaysia chinese newspaper Sin Chew Daily Newspapers, Johor State Housing and Local Government executitive councillor Datuk Abdul Latiff Bandi mentioned that the housing development projects that Johor Legislative Council has approved previously will continue follow the old property purchasing policy, which refer to foreigner may buy house above Malaysia dollar 500 thousand.

Latiff Bandi attended to Malaysia Johor Real Estate and Housing Developers Association (REDHA) held’s Malaysia Housing Expo (MAPEX) and express this after being asked following the expo exhibition.

According to Malaysia 2014 Budget Plan release last month, the plan list down that foreigner who purchase the Malaysia property must purchase 1 million and above with effective 1 Jan 2013 and the foreigner levy will be adjusted from current 10 thousand to 2% of the property price which will take effective at 1 May 2014.

Following the Malaysia 2014 Budget announcements, Johor state government is reviewing property ownership policies for overseas buyers looking to invest in the Iskandar areas. Property in Iskandar has been doubling within this few years seeing the successfully of capital in flow from foreign investor attracted by government business friendly and tax incentives given to foreign company and corporate to set up their businesses in Iskandar region.

Few property developer mentioned that foreigner who purchase Johor property is not many and within 10% only. This is mainly because government has other restriction in place, that is reason why speculation on Johor property is not obvious. Developer said that they wouldn’t build over million property to purposely available for foreigner as such market and demand for foreigner is limited.

 

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Alvin Mah
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Website: http://mproperty.asia
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Free Tax City in Iskandar Nusajaya

Malaysia Oriental Newspaper press release yesterday at 10 Nov 2013 noted that Johor State government is in talk with developer, planning to develop a free tax city near to Second link Causeway – Gelang Patah with build up areas of 2000 acres. Once this plan confirmed and approved, it will be biggest of its kind in Malaysia.

According to the source from government insider of Johor State, the aboce mentioned free tax city development will be co-operation and co-developed by China developer Country Garden Group and Kumpulan Prasarana Rakyat Johor (KPRJ), investment arm of Johor State. This plan has been brought up to discuss with the Johor State government for the initial stage. The purpose of the concept of this free tax city development is to further enhance and develop the Iskandar as a special economic zone.

The source said that the idea is being brought up in recent months, and because it is a very new idea and concept, its actual development details and strategy is yet to be completed discussed and research. The source said that Johor State government hope to transform Johor to be like Labuan, become International Commerce and Financial Centre of the choice of foreign investor, and free tax zone.  This project not only will improve Johor State’s tourism sector, but also attracting multinational company to setup their businesses, increasing manufacturing and factory present and financial sector direct investments, and diversify the development portfolio.

Based on the newspaper release, when the China Premier Xi visited Malaysia early this month, he do mentioned China’s intention to invest in logistics sector within Iskandar area. Therefore, we believe this will be good news to facilitate the development of free tax city plan.

 

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Alvin Mah
016 – 888 4292 / alvin-ma@live.com
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Website: http://mproperty.asia
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Iskandar Malaysia new theme parks

Iskandar IRDA CEO Iswan said recently on 8 Nov that the authority is in the progress of seeking foreign investments from Europe Theme Park and North America Theme Park players to have their businesses setup in Iskandar Malaysia. In order to balance the development at Iskandar Malaysia area, new theme park’s location need to be and will be located at Mersing, Desaru or Kulai.

Iswan replied after attended to Iskandar eco-tourism submit. New theme parks can be setup at area outside of Iskandar, example like Mersing because if too many theme parks located in same location, it is inappropriate in businesses context and strategy. We will make sure transport connectivity within these theme parks accessible easily and well connected.

Iskandar IRDA CEO Iswan also noted that the new theme parks targeting to adults customers given that currently Legoland and Sandrio Hello Kitty theme parks already cater and targeted customers of ages from 3 years old to 11 years old. Therefore the IRDA authority hopes that the new theme parks to attract customers of different range of ages.

Iswan doesn’t disclose the theme parks they are negotiated with. In the current stage, Iskandar already has Legoland from Denmark, Sandrio Hello Kitty from Japan, and the Angry Bird theme park from Finland which will be operated next year May at JBCC, Iskandar Flagship A Johor Bahru.

There do have newspaper release previously stated that Six Flag, which headquarter in America New York plan to have their first Asia theme park foray in Iskandar area. In the near future, we can expect that Iskandar as a new Special Economic Zone in Malaysia with Johor State government dedication to transform and attract foreign investor to establish their businesses present here, and its strategic location next to rich and advanced country Singapore just separated by a causeway, Iskandar will become brilliant and vibrant city in international standing. The model of Hong Kong-Shenzhen and Macau-Zhuhai will find its similarity at Singapore-Johor Iskandar area.

Property Management and Property Consultancy, One Stop Renovation services, Mortgage, Housing Loan Insurance MLTA

Alvin Mah
016 – 888 4292 / alvin-ma@live.com
Property consultant
Website: http://mproperty.asia
Property Consultancy and Property Management services, Renovation and Refurbishment Services, Mortgage and Housing Loan Insurance services

Your service delivery and trustworthy partner.