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Property News
- Thread starter FHBH12
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Milking to the maximum
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The more than 4,000-acre Forest City project will see four man-made islands being built through land reclamation in the waters in Tanjung Kupang between southwest Johor and northwest Singapore.
It was reported that the islands will have both residential and commercial lots. The project is expected to make a profit of nearly RM290 billion over the next 30 years for CGP.
CGP is a 66-34% joint-venture between China’s Country Garden Holdings Ltd and Esplanade Danga 88 Sdn Bhd, whose main shareholder is the Sultan of Johor.
Johor state company Kumpulan Prasarana Rakyat Johor (KPRJ) is also a partner in the project.
The gross development value (GDV) will come up to RM600 billion.
- See more at: http://www.themalaysianinsider.com/...d-by-forest-city-project#sthash.uY34scBE.dpuf
Selangor unveils restrictions on foreigners buying properties
Sep 22, 2014
Selangor has unveiled a new set of guidelines for property purchases by permanent residents, foreigners and foreign companies within the state, reported the media.
Notably, the new guidelines generally restrict foreigners from acquiring all types of properties costing less than RM2 billion in most of the state’s districts. This is an increase from the previous cap of RM1 million announced in last October’s budget.
Outlined in a circular dated 28 August, the measures were effective from 1 September 2014, with the circular signed by Department of Lands and Mines Selangor director Datuk Kamarulzaman Jamil.
Under the new guidelines, commercial, industrial and residential properties are divided into three zones.
Zone one includes the districts of Gombak, Petaling, Sepang, Klang and Hulu Langat, while zone two encompasses Kuala Selangor and Kuala Langat. Zone three covers the districts of Sabak Bernam and Ulu Selangor.
Foreigners, PR holders and foreign companies are permitted to acquire residential properties with a minimum price of RM2 million in Zone 1 and 2, and a minimum price of RM1 million for those located in Zone 3.
Aside from raising the minimum threshold, the land office has also set up new barrier on the type of properties that foreigners, PR holders and foreign companies can buy, noted a developer.
Specifically, foreigners, PRs and foreign companies are permitted to acquire strata and landed strata properties only.
Over at the commercial and industrial sub-segments, foreigners, PRs and foreign companies are only allowed to acquire properties priced from RM3 million in all the three zones.
They are prohibited from acquiring properties set aside for bumiputras. For non-bumiputra units, they can acquire not more than 10 percent of said units.
They are also barred from buying Malay reserve land, agricultural land, non-strata landed residentials and auction properties.
“This means the state of Selangor is going the way of Johor. Land is a state matter. While the Federal Government may propose its policies – unveiled during each budget – the individual states can go along with the measures proposed, or they can propose their own measures,” said a source.
“We saw the state authorities in Johor proposing their own rules with regard to land issues a few months after Budget 2014. We now see Selangor doing the same,” added the source.
Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email [email protected]
http://www.propertyguru.com.my/prop...-restrictions-on-foreigners-buying-properties
Sep 22, 2014
Selangor has unveiled a new set of guidelines for property purchases by permanent residents, foreigners and foreign companies within the state, reported the media.
Notably, the new guidelines generally restrict foreigners from acquiring all types of properties costing less than RM2 billion in most of the state’s districts. This is an increase from the previous cap of RM1 million announced in last October’s budget.
Outlined in a circular dated 28 August, the measures were effective from 1 September 2014, with the circular signed by Department of Lands and Mines Selangor director Datuk Kamarulzaman Jamil.
Under the new guidelines, commercial, industrial and residential properties are divided into three zones.
Zone one includes the districts of Gombak, Petaling, Sepang, Klang and Hulu Langat, while zone two encompasses Kuala Selangor and Kuala Langat. Zone three covers the districts of Sabak Bernam and Ulu Selangor.
Foreigners, PR holders and foreign companies are permitted to acquire residential properties with a minimum price of RM2 million in Zone 1 and 2, and a minimum price of RM1 million for those located in Zone 3.
Aside from raising the minimum threshold, the land office has also set up new barrier on the type of properties that foreigners, PR holders and foreign companies can buy, noted a developer.
Specifically, foreigners, PRs and foreign companies are permitted to acquire strata and landed strata properties only.
Over at the commercial and industrial sub-segments, foreigners, PRs and foreign companies are only allowed to acquire properties priced from RM3 million in all the three zones.
They are prohibited from acquiring properties set aside for bumiputras. For non-bumiputra units, they can acquire not more than 10 percent of said units.
They are also barred from buying Malay reserve land, agricultural land, non-strata landed residentials and auction properties.
“This means the state of Selangor is going the way of Johor. Land is a state matter. While the Federal Government may propose its policies – unveiled during each budget – the individual states can go along with the measures proposed, or they can propose their own measures,” said a source.
“We saw the state authorities in Johor proposing their own rules with regard to land issues a few months after Budget 2014. We now see Selangor doing the same,” added the source.
Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email [email protected]
http://www.propertyguru.com.my/prop...-restrictions-on-foreigners-buying-properties
600 Billion GDV ! That's what? about 200-300 mixed developments with residences, malls and retail and commercial? in the meantime, there are swathes of undeveloped land near gelang patah further inland.
Bad news for those who invested in selangor.
http://www.thestar.com.my/Business/...reigners-buying-properties-in-some-districts/
http://www.thestar.com.my/Business/...reigners-buying-properties-in-some-districts/
Added value from reclaimed land then only value goes up.
If it is inland, it is not worth the trouble.
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Marry a Malaysian meimei or minah loh. It will resolve all these restrictions.Getting harder to buy Malaysia properties
KL city centre still safe for now, likely will be TRAX. Stray to far out you may end up in their neither A or B but "twilight zone"
KL city centre still safe for now, likely will be TRAX. Stray to far out you may end up in their neither A or B but "twilight zone"
Dont' be too sure! budget date is 9 Oct (IIRC) , coming soon, akan datang!!. I hope they don't mess about too much in KL. If any non-malaysian here has been eyeing that 1M+++ bukit bandaraya bangsar or KLCC condo for a while hoping prices will drop, better "fast hand fast leg". otherwise suddenly may need to up budget to 2M
The measures come a bit too late, like almost the peak already then restricts purchase. They will accelerate the slowdown in capital appreciation in KL. A lot of investors (mostly locals) who bought new launches for flipping in 2012-2014 will be caught.
2020 Roadmap to intensify capital flow within city centre or will the sacred lamb be slaughtered altogether? EconomicPower Zone or Twilight Zone? Place your bet now, why wait til 9 Oct?
Johor villagers vent anger at mega reclamation project
Irate villagers of Tanjung Kupang in Johor vented their anger at the developers of the biggest land reclamation project in the state, arguing during a public dialogue today that it will lead to the loss of their land and livelihood.
http://www.themalaysianinsider.com/...lagers-vent-anger-at-mega-reclamation-project
Seems like His Royal Highness has to do some explanation to these group of subjects.
Irate villagers of Tanjung Kupang in Johor vented their anger at the developers of the biggest land reclamation project in the state, arguing during a public dialogue today that it will lead to the loss of their land and livelihood.
http://www.themalaysianinsider.com/...lagers-vent-anger-at-mega-reclamation-project
Seems like His Royal Highness has to do some explanation to these group of subjects.
"vented their anger at the developers"
The developer is CGP - Country Garden Pacificview Sdn Bhd
CGP is a 66-34% joint-venture between China’s Country Garden Holdings Ltd and Esplanade Danga 88 Sdn Bhd, whose main shareholder is the Sultan of Johor.
Johor state company Kumpulan Prasarana Rakyat Johor (KPRJ) is also a partner in the project.
The developer is really Country Garden with 66% share. It is the state government that owes the people an explanation for the apparent by-passing of approvals for the sale of land and project permits.
Again for the sake of money, they have chosen to go against their conscience or whatever was left of it...
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