New developments to share

[Nusajaya]

Re: The Epic

IMHO, these comments are just some silly politician trying to gain popularity before their UMNO election.

Very obvious to all, what benefit does the Malaysian get when they can't sell to foreigners? Correctly put forward by SCHTAW - The foreigners segment continues to rise while the local segment lags behind in price! Very soon, the foreigners will be buying up the properties while the locals watch. Is this helping the locals? I can appreciate the possibility of increasing levy for foreigners to purchase properties (this will increase their state revenue substantially), reducing foreigners quotas (allowing to locals to buy and curb the foreign demand) for new development, foreigners are only allowed to purchase off the plan (curbing the speculation on the subsale market) and foreigners are only allowed to purchase condos/apartments. These are some of the eventualities we have to accept which are well implemented by most of our neighbouring countries. In fact, if you care to shop around, Malaysia has the least restrictions in terms of property investment for foreigners.

Lets see what happens....if the Johor Govt really proved to be insane, just invest in KL lah.... If you are looking to buy a home to stay, it doesn't really matter because you in for a long haul.

Cheers

 

[RedsYNWA]

Re: The Epic

It wont be easy for foreigners to sell their properties for profit as it has been mentioned they may not allow sale of first property or approval must be sought, this will slow down process. Am sure more curbs will come along to prevent foreigners from flipping for easy profit. Possibly higher taxes, especially RGPT or even a flat capital gains tax.
Moreover will foreign and local quota in place I foreseee that developers will have to give huge discounts to locals to buy, otherwise Malaysians wont want to buy due to retrictions. I wont even buy if they give me a 10% disocunt as my unit comes with retrictions. It is just like the current bumi units, when they sell they have to give big discount. So many of the rich bumi s prefer to forego discount and just buy a normal unit, they are free to flip to anyone.I heard this from SP Setia staff.

Developers cant sell only to foreingers and have large nos. of vacant units. If they give discounts to Malaysians, who do you think will be 'subsidising' these?

Just have to wait and see what come out from all the talks lor..... After all, MY policies always flip flop one, with a lot of hot air but little action. The 4-5% ABSD seems more or less confirmed, but other proposed measures may not take place.

 

[jasonjst]

Re: The Epic

IMHO, these comments are just some silly politician trying to gain popularity before their UMNO election.

Very obvious to all, what benefit does the Malaysian get when they can't sell to foreigners? Correctly put forward by SCHTAW - The foreigners segment continues to rise while the local segment lags behind in price! Very soon, the foreigners will be buying up the properties while the locals watch. Is this helping the locals? I can appreciate the possibility of increasing levy for foreigners to purchase properties (this will increase their state revenue substantially), reducing foreigners quotas (allowing to locals to buy and curb the foreign demand) for new development, foreigners are only allowed to purchase off the plan (curbing the speculation on the subsale market) and foreigners are only allowed to purchase condos/apartments. These are some of the eventualities we have to accept which are well implemented by most of our neighbouring countries. In fact, if you care to shop around, Malaysia has the least restrictions in terms of property investment for foreigners.

Lets see what happens....if the Johor Govt really proved to be insane, just invest in KL lah.... If you are looking to buy a home to stay, it doesn't really matter because you in for a long haul.

Cheers

Local house remain cheaper . I thought that was what most locals wish for earlier in this forum disscussion ? If that is not your wish , next time dont make so much noise when prices keep going higher . You will get what you wish.

 

[Investor]

Re: The Epic

IMHO, these comments are just some silly politician trying to gain popularity before their UMNO election.

Very obvious to all, what benefit does the Malaysian get when they can't sell to foreigners? Correctly put forward by SCHTAW - The foreigners segment continues to rise while the local segment lags behind in price! Very soon, the foreigners will be buying up the properties while the locals watch. Is this helping the locals? I can appreciate the possibility of increasing levy for foreigners to purchase properties (this will increase their state revenue substantially), reducing foreigners quotas (allowing to locals to buy and curb the foreign demand) for new development, foreigners are only allowed to purchase off the plan (curbing the speculation on the subsale market) and foreigners are only allowed to purchase condos/apartments. These are some of the eventualities we have to accept which are well implemented by most of our neighbouring countries. In fact, if you care to shop around, Malaysia has the least restrictions in terms of pruoperty investment for foreigners.

Lets see what happens....if the Johor Govt really proved to be insane, just invest in KL lah.... If you are looking to buy a home to stay, it doesn't really matter because you in for a long haul.

Cheers

Agree with both of you. For the future potential policies, if foreigners are not allowed to buy landed properties in Johor in future, those foreigners who want to stay in a high-end landed property in Johor have no choice but to rent. Moreover, other than higher demand, supply of high-end and expensive properties will be reduced significantly when foreigners' can't buy such properties from developers. It's natural for developers to stop selling products which they can't sell well. Good long term rental income for existing foreigner owners but we'll lose on selling price if we cannot keep long term. Do you know that the state even approved UEM to sell 100% of their balance bungalows in EL to foreigners? No foreigner limit at all.

Luckily, Khaled said, "Johor would continue to welcome foreign property buyers.". “If you (locals) as well as foreigners have the means and resources to buy high-end properties, then buy them, said Khaled.". Hope they continue to see it this way.

 

[rainbow]

Re: The Epic

Whether it's safe or not depends on the buying price, not just the location. There's no doubt that JB city center within 2km of Causeway(with MRT linking from Sg in future) is great but - IF the price is right. A location can be good - With MRT and big mall right beside, but the developer can already price-in such factors. So to be safer, we should look at affordability in the view of Singaporeans(or to be more precise - demand from Singapore, because many are expatriates in Sg). Why? Those relatively well-to-do people from Sg are already buying up high-end landed propertiesx somewhere in Iskandar for own stay as they simply love(yes love, not just 'like') the living environment, the space and of course - The affordable price. How do you judge affordability in this case? Solely based on your own financial ability? No! A buyer from Sg who decides to buy and stay in Iskandar has to sacrifice his/her precious time and energy to drive a longer distance and get stuck and frustrated in traffic jams everyday just to go to work in Sg and going back to their house in Iskandar after work. No one in the right mind will sacrifice in this way if he/she can afford the exact same kind of property and living environment in Sg. When one can afford a RM4mil(SGD1.6mil) bungalow with swimming pool in Iskandar, it doesn't mean that he/she can afford a SGD10mil bungalow of the same size and quality in Sg. So affordability in such cases are totally dependent on Sg's price. That's why when someone tell you that you cannot use Sg's price to judge Iskandar's future price, they just didn't think deep enough. (I'm not saying that every single person who bought in Iskandar cannot afford the same in Sg, there are many high-net-worth multi millionaires from Sg who bought bungalows somewhere in Iskandar for investment and not for own stay - That's different).

We cannot use the same judgement on simply 'anywhere else' in the world but Iskandar because Iskandar is right beside Sg and it can be predicted since the early years of Iskandar(when cumulative investments, with a big percentage from private sector, received by Iskandar was already in tens of billions) that a big part of the future demand will definitely come from Sg especially for the high-end properties. Since a big part of the demand will be from Sg(which already happened), we can definitely take Sg's price to judge Iskandar's future price. For someone from Sg to sacrifice time and effort plus to stay in a place which is not as safe, of course there must be a big discount from Sg's price. A 60% discount will definitely still attract many from Sg. As I've mentioned earlier, prices of such high-end landed properties in Iskandar is still just around 25-30% of Sg's cheapest 99yrs landed in a far corner like Jurong(of course we cannot use the price of a property with just 50 or 60 years of balance lease to compare to Iskandar's Freehold, using the price of a landed with 80 years of balance lease to compare is 'safe' enough). In this case, we don't need to bet on the economical success of Iskandar to make profit. If Iskandar is so economically successful one day and safety improves a great deal, this discount from Sg's price will definitely become smaller due to the increase in demand from Sg, other countries and of course Iskandar itself internally, and we can take such extra profit as a big fat bonus(if you keep your property that long to see that day). I'm not saying that Iskandar will never build a strong and successful economy itself in the long run, but to bet on such a success simply mean extra risk when compared to betting 'without' the need for an economical success of Iskandar. I'm also not saying that the mid-range or even affordable properties won't appreciate in price, just that the high-end ones will take the lead in setting new highs while the next level will follow after that. You can buy a mid-range property in a 'heartland' township 30km away from the hottest area which takes the lead in price appreciation, but to see appreciation later than others, that's another added risk as compared to investing in those areas which take the lead in price appreciation. Moreover, in these areas which take the lead, like for example Nusajaya - Land supply is mainly controlled by UEM and IIB, thus the tighter control to prevent over-supply(the threat to strong demand) in this key area.

Can't agree with you more! Very incisive analysis!

For me, would only buy any property within 15 -minute driving time (under normal driving conditions) from one of the two links. Further than that would be considered far for JB

 

[malpaso]

Re: The Epic

Local house remain cheaper . I thought that was what most locals wish for earlier in this forum disscussion ? If that is not your wish , next time dont make so much noise when prices keep going higher . You will get what you wish.

it is my wish until i buy. after i buy, of course it's not my wish! everyone is biased, this is human nature

 

[Investor]

Re: The Epic

Can't agree with you more! Very incisive analysis!

For me, would only buy any property within 15 -minute driving time (under normal driving conditions) from one of the two links. Further than that would be considered far for JB

Thanks Rainbow, just sharing my thoughts. I've tried to be careful not to specifically mention names of developments as such comments will usually offend others. But I'm sure whatever we say, there's no way you can please everybody. There'll be doubters even for act of kindness like donating money, heck you'll offend people even if you keep quiet

 

[jasonjst]

Re: The Epic

These locals got no brains really.....the foreigners are not restricted from selling to anyone (locals & foreigners) but locals cant sell to foreigners. JB is probably the only property market which is proposing to discriminate against the locals in favour of foreigners.

I suspect with feedback, the rule could be amended to: locals sell to locals and foreigners to foreigners only. With this method, the foreigner quota will be controlled. However, that could create foreigner enclaves which is not desirable, if the political situation changes, aka Indonesia 1997. Need to monitor the budget and state parliament debates carefully....

Maybe they have data to show that alot locals flipers are flipping to foreigners causing skyrocketting prices in recent years ? Also how to keep the 20% foreigner quota , if locals start selling to foeigners , eventually to whole estate will become 100% foreign own . Which gov in the world will allow this to happen ? Maybe only Singapore have 100% foreigner ownership scheme, in some development nearly 80% foreigner own , even the MC also all foreigner . By then locals KPKP too late liao . I think this minister got greater forsight than our million dollar PAP minister leh !
6.9M means foreigner can take over your whole country liao , even your 2room HDB pigeon hole cost you SGD 1M , are you happy about it ?

 

[rotikok]

Re: The Epic

They think the way they did; because they still have not buy into the market.

Once they bought a condo; then you tell them you cannot sell to foreigners. See how they think.

This rule will dissect the Johor property market into 2 segments.

1. Local restrictive properties. (local only can sell to local)

2. Premium "All Boleh" properties. (Foreigners owning this condo can sell to anyone. Both local and foreigners.)

I wish to take this opportunity to thank the Malaysian Government for making the rich to become richer.

U missed something, those foreigner is competing with those local with 'backdoor' to sell their ppty. Certainly there will be backdoor for well connected ppl, so the supply also increase from local to foreigner. Rmb, u r investing in bolehland.

 

[RedsYNWA]

Re: The Epic

Maybe they have data to show that alot locals flipers are flipping to foreigners causing skyrocketting prices in recent years ? Also how to keep the 20% foreigner quota , if locals start selling to foeigners , eventually to whole estate will become 100% foreign own . Which gov in the world will allow this to happen?

True also on the fact that the local flippers are more aggressive than the foreigners in flipping. That's why eventually I suspect the compromise could be 'local to local' and 'foreigner to foreigner' lor, which will maintain the quota, but do not discriminate against the locals. It's always a tricky business on how to cool demand, that's why the SG govt has veered towards imposing higher taxes on foreigners, instead of pure restrictions which create an uncertain market.

 

[Funniman]

Re: The Epic

U missed something, those foreigner is competing with those local with 'backdoor' to sell their ppty. Certainly there will be backdoor for well connected ppl, so the supply also increase from local to foreigner. Rmb, u r investing in bolehland.

Despite all these talk, just how many % of the new secondary properties had been completed and changed hands that really contribute towards the upsurge in prices?

 

[cheerguan]

Re: The Epic

Maybe they have data to show that alot locals flipers are flipping to foreigners causing skyrocketting prices in recent years ? Also how to keep the 20% foreigner quota , if locals start selling to foeigners , eventually to whole estate will become 100% foreign own . Which gov in the world will allow this to happen ? Maybe only Singapore have 100% foreigner ownership scheme, in some development nearly 80% foreigner own , even the MC also all foreigner . By then locals KPKP too late liao . I think this minister got greater forsight than our million dollar PAP minister leh !
6.9M means foreigner can take over your whole country liao , even your 2room HDB pigeon hole cost you SGD 1M , are you happy about it ?

Very good point. Those hundreds of millions PRCs will buy up everything everywhere as they continue to become even richer in the next 30 yrs while our salaries remain stagnant.
So it's very important for govts to protect their local's interests and not sellout the country like ours.

 

[cow138]

Re: The Epic

For sure the local flippers are more aggressive then the foreigner. Locals are already staying there. Especially when they are working in Singapore. They have the purchase power of the Singaporeans.

 

[FHBH12]

Re: The Epic

We have a Charles Dickens here.

 

[shctaw]

Re: The Epic

I dun have excuse to go Vietnam :(

Set up a "real business" in Vietnam....

hehe.

 

[alnine]

Re: The Epic

Maybe they have data to show that alot locals flipers are flipping to foreigners causing skyrocketting prices in recent years ? Also how to keep the 20% foreigner quota , if locals start selling to foeigners , eventually to whole estate will become 100% foreign own . Which gov in the world will allow this to happen ? Maybe only Singapore have 100% foreigner ownership scheme, in some development nearly 80% foreigner own , even the MC also all foreigner . By then locals KPKP too late liao . I think this minister got greater forsight than our million dollar PAP minister leh !
6.9M means foreigner can take over your whole country liao , even your 2room HDB pigeon hole cost you SGD 1M , are you happy about it ?

My thoughts exactly.

 

[kopikong99]

Re: The Epic

good article helps me vent my anger at those bodohs also !

Agree, it is well written.

And no need to vent any anger at the smart bodoh.

Hope they be more pragmatic and progressive when they see investors going elsewhere.

 

[malpaso]

Re: The Epic

vantage bay general info announced..

http://www.starproperty.my/index.ph...tails-of-mega-rm5-5-billion-iskandar-project/

According to Vantage Bay chief executive and Rowsley executive director Ho Kiam Kheong, the residential units will be launched by the first quarter of next year. The whole project is expected to take 10 years to complete.

“This is not going to be just another ghost town. .....,” he said.

It 'wont be just another ghost town'? So it will the best ghost town in the whole region?

 

[rotikok]

Re: The Epic

Despite all these talk, just how many % of the new secondary properties had been completed and changed hands that really contribute towards the upsurge in prices?

Good point, i think the price surge developers r the main culprit instead of those flippers. Since the secondary market not big compare to new project, developer price the market and 2nd market follow.

 

[ginfreely]

Re: The Epic

Maybe they have data to show that alot locals flipers are flipping to foreigners causing skyrocketting prices in recent years ? Also how to keep the 20% foreigner quota , if locals start selling to foeigners , eventually to whole estate will become 100% foreign own . Which gov in the world will allow this to happen ? Maybe only Singapore have 100% foreigner ownership scheme, in some development nearly 80% foreigner own , even the MC also all foreigner . By then locals KPKP too late liao . I think this minister got greater forsight than our million dollar PAP minister leh !
6.9M means foreigner can take over your whole country liao , even your 2room HDB pigeon hole cost you SGD 1M , are you happy about it ?

Yeah fully agree, msia govt got so good foresight to impose foreign quota of 20 or 30 percent for landed and 50 percent or so for condo. So no matter foreigner buy landed or condo, will never become the majority, not like the stupid Sg govt.