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New developments to share
- Thread starter wuqi256
- Start date
Re: The Epic 
Developers will just mark up and absorb the ABSD or reimburse you back upon TOP. Many ways to get around this ruling.
Developers will just mark up and absorb the ABSD or reimburse you back upon TOP. Many ways to get around this ruling.
Re: The Epic
There are many MNC's in JB. The big industries there are electronics manufacturing, petrochem, plastics/polymers, precision engineering, steel & water/process tech.
There are many MNC's in JB. The big industries there are electronics manufacturing, petrochem, plastics/polymers, precision engineering, steel & water/process tech.
- Joined
- Dec 2, 2012
- Messages
- 2,510
- Points
- 48
Re: The Epic
Singapore all along have property tax. I think the formula is 5.6%.
We have this tax throughout Singapore bull run, never affect anyone.
Singapore all along have property tax. I think the formula is 5.6%.
We have this tax throughout Singapore bull run, never affect anyone.
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Re: The Epic
PASIR GUDANG: Foreigners buying properties in Johor beginning from January next year will have to pay higher processing fees of property ownership instead of the flat rate of RM10,000 now.
Under the new rate, foreigners would have to pay between 4% and 5% of the sales price of the properties.
“For instance, a foreigner buying a RM1mil bungalow, he or she will have to fork out at least RM50,000 in processing fee to own the property,’’ State Housing and Local Government executive councillor Datuk Abdul Latif Bandi told a press conference after opening the Green Industry seminar organised by the Pasir Gudang Municipal Council yesterday.
He said the new rate would be implemented not only on new properties but also properties in the secondary market.
“They now pay a flat rate of RM10,000 for residential, commercial and industrial properties and it is unfair to the state government,’’ he said.
He said the the flat rate had been around for so long and that the state government was the one losing the revenue that it was supposed to get from foreigners.
Abdul Latif said with Iskandar Malaysia becoming the hot spot for investors, including foreign property buyers, the time was “right” for Johor to introduce the new ruling.
He also said foreigners were no longer allowed to buy properties in the secondary market from locals but they could buy them from foreigners who owned the properties.
“The new ruling is only for foreigners, locals are not subject to it,’’ he said, adding that while Johor continued to welcome foreign property buyers, the state also wanted to protect the interest of locals.
Asked whether the new ruling would have impact on the Iskandar property market, Abdul Latif said it was unlikely to happen as the new rates were reasonable.
He said compared with Penang and the Klang Valley, the soon-to-be implemented fees for foreigners buying properties in Johor were much lower than in those two places.
PASIR GUDANG: Foreigners buying properties in Johor beginning from January next year will have to pay higher processing fees of property ownership instead of the flat rate of RM10,000 now.
Under the new rate, foreigners would have to pay between 4% and 5% of the sales price of the properties.
“For instance, a foreigner buying a RM1mil bungalow, he or she will have to fork out at least RM50,000 in processing fee to own the property,’’ State Housing and Local Government executive councillor Datuk Abdul Latif Bandi told a press conference after opening the Green Industry seminar organised by the Pasir Gudang Municipal Council yesterday.
He said the new rate would be implemented not only on new properties but also properties in the secondary market.
“They now pay a flat rate of RM10,000 for residential, commercial and industrial properties and it is unfair to the state government,’’ he said.
He said the the flat rate had been around for so long and that the state government was the one losing the revenue that it was supposed to get from foreigners.
Abdul Latif said with Iskandar Malaysia becoming the hot spot for investors, including foreign property buyers, the time was “right” for Johor to introduce the new ruling.
He also said foreigners were no longer allowed to buy properties in the secondary market from locals but they could buy them from foreigners who owned the properties.
“The new ruling is only for foreigners, locals are not subject to it,’’ he said, adding that while Johor continued to welcome foreign property buyers, the state also wanted to protect the interest of locals.
Asked whether the new ruling would have impact on the Iskandar property market, Abdul Latif said it was unlikely to happen as the new rates were reasonable.
He said compared with Penang and the Klang Valley, the soon-to-be implemented fees for foreigners buying properties in Johor were much lower than in those two places.
Re: The Epic
There will be a problem with secondary market. More cash needed for foreign purchasers. This will in turn, affect primary market sentiments. Then again, the JB market is primarily driven by locals, so this may not have a sig impact for now.
I guess there's more impact on condo purchases, where foreign ownership % is slightly higher.
There will be a problem with secondary market. More cash needed for foreign purchasers. This will in turn, affect primary market sentiments. Then again, the JB market is primarily driven by locals, so this may not have a sig impact for now.
I guess there's more impact on condo purchases, where foreign ownership % is slightly higher.
Re: The Epic
Based on average of RM1 million, it is about RM40k tax which works out to be S$16k. Small change really for foreign investors. Don't think it will affect that much on the market. Afterall it is payable upon TOP which is many years away. If you include inflation and the flipping profits, ain't going to change anything.
Based on average of RM1 million, it is about RM40k tax which works out to be S$16k. Small change really for foreign investors. Don't think it will affect that much on the market. Afterall it is payable upon TOP which is many years away. If you include inflation and the flipping profits, ain't going to change anything.
Re: The Epic
He also said foreigners were no longer allowed to buy properties in the secondary market from locals but they could buy them from foreigners who owned the properties.
I suppose this include sub-sales? It will be more difficult for foreign buyers to flip properties. No?
He also said foreigners were no longer allowed to buy properties in the secondary market from locals but they could buy them from foreigners who owned the properties.
I suppose this include sub-sales? It will be more difficult for foreign buyers to flip properties. No?
Re: The Epic
impact will be on the locals who now cannot sell to foreigners, esp for the high end ppties.
impact will be on the locals who now cannot sell to foreigners, esp for the high end ppties.
- Joined
- Jul 29, 2013
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Re: The Epic
Not sure about you, but I get this sense that MY govt can be rather flippant.
So while investors flip properties, MY govt flip policies.
Not sure about you, but I get this sense that MY govt can be rather flippant.
So while investors flip properties, MY govt flip policies.
Re: The Epic
Difficult to flip liao lah . First got 10 to 15% tax if sale within 5yrs , then got 5% foreigners tax , unless prices up more than 30% within 5yrs. Not forgetting sales commission , legal fees , stamp duty ....
Difficult to flip liao lah . First got 10 to 15% tax if sale within 5yrs , then got 5% foreigners tax , unless prices up more than 30% within 5yrs. Not forgetting sales commission , legal fees , stamp duty ....
Re: The Epic
Secondary market will be affected, say for a RM 1 m property.
ABSD: RM 40K (at 4%)
Stamp duty & legal fees: RM 32K (RM 24k stamp duty + 8k legal fees)
Loan legal fees & stamp duty: RM 11K
State consent fees: RM 10K
Total cash payable on stamp duties, legal fees & state consent = RM 93K
20% cash upfront, assuming 80% loan = RM 200K
Total cash commitment, excluding reno = RM 293K
Secondary market will be affected, say for a RM 1 m property.
ABSD: RM 40K (at 4%)
Stamp duty & legal fees: RM 32K (RM 24k stamp duty + 8k legal fees)
Loan legal fees & stamp duty: RM 11K
State consent fees: RM 10K
Total cash payable on stamp duties, legal fees & state consent = RM 93K
20% cash upfront, assuming 80% loan = RM 200K
Total cash commitment, excluding reno = RM 293K
Re: The Epic
I think condo fliper jialat liao , sell to who ? Most locals buying landed are for own stay one.
I think condo fliper jialat liao , sell to who ? Most locals buying landed are for own stay one.
Re: The Epic
imagine those locals buying 2-3 unit in nusajya(say lah). they are buying to stay? most likely flip, hopefully to foreigner right? that is the way the market works. so now, they hit with a new rule - you can't sell to foreigner. then WTF does the investor do with 3 unit that no local will buy. cut loss, right? or cannot hold 3, bank lelong. so price crash.
unless those really high end ones (3 m in EL for eg) the rest of market gone case. worse where many local already bought in places popular with foreigner.
also those singaporean bought with malaysian wife name, also kena stucked if buy 2 or 3 unit.
stupid rule.
imagine those locals buying 2-3 unit in nusajya(say lah). they are buying to stay? most likely flip, hopefully to foreigner right? that is the way the market works. so now, they hit with a new rule - you can't sell to foreigner. then WTF does the investor do with 3 unit that no local will buy. cut loss, right? or cannot hold 3, bank lelong. so price crash.
unless those really high end ones (3 m in EL for eg) the rest of market gone case. worse where many local already bought in places popular with foreigner.
also those singaporean bought with malaysian wife name, also kena stucked if buy 2 or 3 unit.
stupid rule.
Re: The Epic
Also means that foreign buyers are severely limited in their choices in the secondary market. The local-foreigner ratio for any project will be more or less permanently fixed when primary sales are completed. If most of the choice units in a project are in local hands, then got no choice but settle for less desirable units.
Also means that foreign buyers are severely limited in their choices in the secondary market. The local-foreigner ratio for any project will be more or less permanently fixed when primary sales are completed. If most of the choice units in a project are in local hands, then got no choice but settle for less desirable units.
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Re: The Epic
Crazy rule that disadvantages the locals but pro-foreigner.... I think the ABSD is to be expected, but this restriction on local sale to foreigner is really weird.... Dunno when this rule will come into play, but my friend tells me that currently, the state govt has been delaying the state consent approvals. Again, dunno if this is true or the lawyers are just too lazy and sitting on cases....
Crazy rule that disadvantages the locals but pro-foreigner.... I think the ABSD is to be expected, but this restriction on local sale to foreigner is really weird.... Dunno when this rule will come into play, but my friend tells me that currently, the state govt has been delaying the state consent approvals. Again, dunno if this is true or the lawyers are just too lazy and sitting on cases....
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Re: The Epic
Excepting those foreigners (like some SGreans) who die-die must only buy in Iskandar, other foreign buyers will consider switching to KL etc .
Excepting those foreigners (like some SGreans
) who die-die must only buy in Iskandar, other foreign buyers will consider switching to KL etc .
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Re: The Epic
best lah. abdulah pandi. 6-7 years IRDA try to hype up iskandar, this guy pandi go kill off the market. well done!
best lah. abdulah pandi. 6-7 years IRDA try to hype up iskandar, this guy pandi go kill off the market. well done!
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