The Selangor branch of Real Estate and Housing Developers’ Association (Rehda) is in favour of the state reducing the threshold price for foreigners buying high-rise properties, and is currently in discussions with the state government, according to its chairman Zulkifly Garib.
In Budget 2020, Finance Minister Lim Guan Eng announced the threshold price for high-rise properties in urban areas for foreigners would be reduced from RM1 million to RM600,000 in 2020.
However, land matters come under the purview of the states which have the power to set their own guidelines. In Selangor, the threshold price for foreigners is RM2 million in Zones 1 and 2— includinh areas such as Petaling and Kuala Selangor — and RM1 million in Zone 3 which includes Hulu Selangor and Sabak Bernam.
Media Title: The Edge Financial Daily
Date: 31 Oct, 2019