he is Chinese Singaporean. That is why I find it so strange. Chinese Singaporean can buy bumi lot? Never heard of this new rule too.
-
IP addresses are NOT logged in this forum so there's no point asking. Please note that this forum is full of homophobes, racists, lunatics, schizophrenics & absolute nut jobs with a smattering of geniuses, Chinese chauvinists, Moderate Muslims and last but not least a couple of "know-it-alls" constantly sprouting their dubious wisdom. If you believe that content generated by unsavory characters might cause you offense PLEASE LEAVE NOW! Sammyboy Admin and Staff are not responsible for your hurt feelings should you choose to read any of the content here. The OTHER forum is HERE so please stop asking.
New developments to share
- Thread starter wuqi256
- Start date
he is Chinese Singaporean. That is why I find it so strange. Chinese Singaporean can buy bumi lot? Never heard of this new rule too.
Looks like a bluff from the developer, since state consent has been received. Probably the developer wants to resell to others at higher price? Another possibility is that a bumi has come in to buy the unit. He should consult his lawyer lah....
Accountants are by nature, too conservative! I think the conveyancing lawyers and property agents should be making much more, as they are more in tune with the property markets.
Something doesnt ring true here. There must be some miscommunication. The sale of a bumi release lot to a non bumi whether foreigner or local non bumi cant be confirmed untill the developer gets the bumi release approved. Once it is a pproved it becomes a normal lot. That is why developers can only collect a 5K goodwill deposit from us which should be fully refundable anytime before we sign S &P should they get the release and we change our minds. In this case it appears that the bumi release hasnt been obtained so I am puzzled about the state consent. Anywya, its bets he just backs out.
Btw, I wanna emphasise there is no such thing as INTERNATIONAL lot. Foreigners are not specially allocated certain units like in the case of bumis. There is just a quota. Agents have coined this term but its very misleading.There are only bumi and non bumi lots and while Malaysians can buy any no. of non bumi lots as well as bumi release, foreigners cant buy more than the quota .
The project I bought is almost fully completed, will VP in Feb. The agreement with SP Setia is we can back out with no forfeit. When I booked, I only paid 5K, the agreement states that they will apply for bumi release and dont owe me any comensation if they fail to get approval for bumi release. Also when the release is obtained I can then decide if I want to proceed and if I dont, I get a full refund.
I found strange too. Hopefully is the communication problems as the staff cannot converse well in English.
Jade_apple jie jie, ah Red is right, since obtained e state consent. Let his lawyer do the job..
Last edited:
Jade_apple jie jie, ah Red is right, since obtained e state consent. Let his lawyer do the job..
Thanks all who replied. Agreed, should consult the lawyer then.
Problem is lawyer maybe bias as it is likely appointed by the developer. By the way , who is that developer ? No logic wat , bumi lot not yet approve for release , what is there for the state to consent to your buying ?
I agree with RedsYNWA. I also bot bumi released from developer and after 3 attempts got it converted to international lot so that uem can sell to me. After the sale then pay state consent. How can get state consent for sale and then say cannot buy? Ask developer to produce official letter from the authorities that ckearly show they cannot sell to your friend.
Can I know which developer so that we can avoid....btw have actually ask some big developer pertaining to ..fr bumi to non bumi during sales...they do not want to commit
at first i found strange. but seems like can, been done. developer release bumi lot first, then can sell to non bumi, or foreigner.
Last edited:
Yes, I heard what happens is that the developer needs to advertise the bumi units for a min period, say 6 months. After 6 months, the developer can apply to sell to non-bumis on the grounds that no bumi interested. Then, if prices have risen, the developer will usually jack up the selling prices of the remaining units, esp if the project has proven to be v hot.
Yes but its a 'provisional sale', they can only collect deposit and line up buyers for the bumi lots but at anytime the unit may be bought by a bumi, even 2 months before VP. That is why confirmation of whether you get the bumi lot is always very late. I am local so no state consent involved but they still need govt to approve release.These bumi lots are normally open for sale when the other units are sold out and we are usually charged abt 10% more, or even more. For my freind's unit the developer didnt even confirm price, just said around 600K. Depends on market. But she's also free to back out if she doesnt like the price. She's Singaporean so may have to back out anyway as its definitely below 1M.
If possible at all, try not to touch these bumi lots.
Even some Bumis do not buy Bumi lots these days as it is easier to resell and better demand.
The lost opportunities when you tied your self to one of these Bumi lots and the waiting time on the edge for it is just not worth it. The ultimate selling price is at present market value, not at the selling price then.There are plenty of other choices in ther market. Unless of course, the developer hereby declare that he already got a release letter from the State.
There's another type of properties that developers often hold back. They call them "strategic units". These units are marked before they launch the project and until much later, they decide to sell them. That too is at a inflated price. But normally it is at a choice location. Ask the sales guys and I am sure some will tell you. It is better to "book" these instead of Bumi lots.
Even some Bumis do not buy Bumi lots these days as it is easier to resell and better demand.
The lost opportunities when you tied your self to one of these Bumi lots and the waiting time on the edge for it is just not worth it. The ultimate selling price is at present market value, not at the selling price then.There are plenty of other choices in ther market. Unless of course, the developer hereby declare that he already got a release letter from the State.
There's another type of properties that developers often hold back. They call them "strategic units". These units are marked before they launch the project and until much later, they decide to sell them. That too is at a inflated price. But normally it is at a choice location. Ask the sales guys and I am sure some will tell you. It is better to "book" these instead of Bumi lots.
Last edited:
Conveyancing lawyer mayb if they did some unglamour jobs. Ppty agents esp those illegal de definitely! Few months back there was an auction on a piece of land near sky 88, saw ksl boss was there wanted to bid it. Other than him, quite a number of illegal agent/dealers wanted that land too...wondering how many millions they crazily earned for the past few years.
Medini likely to get exemption from gains tax
ALREADY accorded special incentives in Iskandar Malaysia, the Medini area is likely to see its perks expanded to include an exemption from real property gains tax (RPGT) in a bid to ensure that the node continues to be favoured by investors.
Although this would result in a more uneven playing field, the federal statutory body tasked with realising the development of the economic zone into a thriving and sustainable metropolis appears to be pushing for the exemption.
"We are in the process of obtaining written confirmation from the Ministry of Finance that residents and companies with IDR status are exempted from RPGT, subject to certain terms and conditions," The Star daily yesterday reported Iskandar Regional Development Authority (IRDA) chief executive Ismail Ibrahim as stating.
"If the recently announced RPGT rates are not applicable in Medini, then the impact of the revised RPGT will be positive as demand will then turn towards Medini," Mr Ismail said in a response to confirm speculation swirling in Johor that the new RPGT rate of 30 per cent announced in the 2014 budget would not apply to Medini.
ALREADY accorded special incentives in Iskandar Malaysia, the Medini area is likely to see its perks expanded to include an exemption from real property gains tax (RPGT) in a bid to ensure that the node continues to be favoured by investors.
Although this would result in a more uneven playing field, the federal statutory body tasked with realising the development of the economic zone into a thriving and sustainable metropolis appears to be pushing for the exemption.
"We are in the process of obtaining written confirmation from the Ministry of Finance that residents and companies with IDR status are exempted from RPGT, subject to certain terms and conditions," The Star daily yesterday reported Iskandar Regional Development Authority (IRDA) chief executive Ismail Ibrahim as stating.
"If the recently announced RPGT rates are not applicable in Medini, then the impact of the revised RPGT will be positive as demand will then turn towards Medini," Mr Ismail said in a response to confirm speculation swirling in Johor that the new RPGT rate of 30 per cent announced in the 2014 budget would not apply to Medini.
Singaporeans to stay the course in Iskandar despite curbs
By Jamari Mohtar
Friday, 01 Nov 2013, 12:01 AM
- See more at: http://www.focusmalaysia.my/Assets/...n-Iskandar-despite-curbs#sthash.OAAQghwP.dpuf
Faith in Iskandar Malaysia’s potential as a vibrant city to live in is the main reason many in Singapore are unfazed at the prospect of higher property prices for foreigners in Johor once the curbs announced by Malaysian Prime Minister Datuk Seri Najib Razak in Budget 2014 are implemented.
This seems the consensus of Singaporeans to whom FocusM spoke. On the flip side, they are also saying that Singaporeans with a lower cash outlay will be out of the Johor property game. This is because the hefty increase of RM500,000 in the buying floor price of property and the introduction of a 4-5% processing fee in Johor – both for foreigners – will grievously hurt their pockets.
Others cited the continued strength of the Singapore dollar vis-a-vis the ringgit and the relatively low cost of living in Johor as reasons enough to make owning a property and living in Johor a sustainable proposition despite the curbs.
With this outlook, the increase in real property gains tax (RPGT) is being shrugged off as not important.
Singaporean retiree Sue Mochtar lives in Johor Bahru (JB). According to her, Iskandar and Singapore will compete in terms of becoming a vibrant city but the effect will be that each city will become a vibrant metropolis.
“Just when we thought Singapore had reached its limit, PM Lee [Hsien Loong] announced in August a sort of masterplan for making the Changi Airport, Paya Lebar Airbase and the Downtown area near the ports a vibrant place beyond the 2020s. I’m sure Johor authorities will have something up their sleeves to improve Iskandar when Singapore catches up. The authorities may compete like hell but the winners will be Singaporeans and Johoreans, who will have a wider choice of vibrant living close to each other,” she adds.
But Redzuan Sani, a Singaporean property consultant, laments: “You see in Malaysia if they start to fix a rate on something, that rate will remain the same for donkey's years. They never adjust it to expected market conditions - until it’s too late.
“That’s what happens to the processing fee of buying a house in Johor. It has remained [at] a flat rate of RM10,000 since the 1990s. Only this January, that fee will be revised to between 4-5% of the property price.
“In similar vein, I have heard GST there is being introduced at 6% – higher than Singapore’s introductory rate of 3% – because they intend the rate to be at 6% for many, many more years to come.”
For now, market conditions are in sync with the new processing fee and the new buying floor price of RM1 mil; everyone can understand the need to cool property prices.
But down the road, if these remain static despite property prices in Singapore's undergoing a major correction of over 40%; and if the ringgit were to appreciate against the Singapore dollar; analysts warn the spectre of Singaporeans disposing of their Iskandar properties in favour of properties in the republic could become a real nightmare. - See more at: http://www.focusmalaysia.my/Assets/...n-Iskandar-despite-curbs#sthash.OAAQghwP.dpuf
By Jamari Mohtar
Friday, 01 Nov 2013, 12:01 AM
- See more at: http://www.focusmalaysia.my/Assets/...n-Iskandar-despite-curbs#sthash.OAAQghwP.dpuf
Faith in Iskandar Malaysia’s potential as a vibrant city to live in is the main reason many in Singapore are unfazed at the prospect of higher property prices for foreigners in Johor once the curbs announced by Malaysian Prime Minister Datuk Seri Najib Razak in Budget 2014 are implemented.
This seems the consensus of Singaporeans to whom FocusM spoke. On the flip side, they are also saying that Singaporeans with a lower cash outlay will be out of the Johor property game. This is because the hefty increase of RM500,000 in the buying floor price of property and the introduction of a 4-5% processing fee in Johor – both for foreigners – will grievously hurt their pockets.
Others cited the continued strength of the Singapore dollar vis-a-vis the ringgit and the relatively low cost of living in Johor as reasons enough to make owning a property and living in Johor a sustainable proposition despite the curbs.
With this outlook, the increase in real property gains tax (RPGT) is being shrugged off as not important.
Singaporean retiree Sue Mochtar lives in Johor Bahru (JB). According to her, Iskandar and Singapore will compete in terms of becoming a vibrant city but the effect will be that each city will become a vibrant metropolis.
“Just when we thought Singapore had reached its limit, PM Lee [Hsien Loong] announced in August a sort of masterplan for making the Changi Airport, Paya Lebar Airbase and the Downtown area near the ports a vibrant place beyond the 2020s. I’m sure Johor authorities will have something up their sleeves to improve Iskandar when Singapore catches up. The authorities may compete like hell but the winners will be Singaporeans and Johoreans, who will have a wider choice of vibrant living close to each other,” she adds.
But Redzuan Sani, a Singaporean property consultant, laments: “You see in Malaysia if they start to fix a rate on something, that rate will remain the same for donkey's years. They never adjust it to expected market conditions - until it’s too late.
“That’s what happens to the processing fee of buying a house in Johor. It has remained [at] a flat rate of RM10,000 since the 1990s. Only this January, that fee will be revised to between 4-5% of the property price.
“In similar vein, I have heard GST there is being introduced at 6% – higher than Singapore’s introductory rate of 3% – because they intend the rate to be at 6% for many, many more years to come.”
For now, market conditions are in sync with the new processing fee and the new buying floor price of RM1 mil; everyone can understand the need to cool property prices.
But down the road, if these remain static despite property prices in Singapore's undergoing a major correction of over 40%; and if the ringgit were to appreciate against the Singapore dollar; analysts warn the spectre of Singaporeans disposing of their Iskandar properties in favour of properties in the republic could become a real nightmare. - See more at: http://www.focusmalaysia.my/Assets/...n-Iskandar-despite-curbs#sthash.OAAQghwP.dpuf
We wish that will happen, dont need to dispose the MY properties lah , just add one more SG property will be better. But guess it is unlikely to happen next few years , unless PAP lost election in 2016 , which is again highly unlikely .
Last edited:
Similar threads
