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JOHOR BAHRU (April 29): The Johor chapter of the Real Estate and Housing Developers Association (Rehda) has called on the government to review the RM1 million threshold for foreigners buying property in Malaysia.
Johor Rehda chairman Datuk Steve Chong Yoon On told The Star that the minimum threshold of RM1 million per unit enforced in 2014 should be “reverted” to RM500,000.
“The review of the RM1 million threshold is timely in view of the slowdown in the domestic property market in the recent years and developers are operating in difficult situation,’’ he told the daily.
Chong also explained that locals were “unlikely to be affected” should the threshold is shifted back to RM500,000 as developers “only allocate 10% of the properties developed in their project for foreign buyers while the remaining units would still under the possession of locals”.
He also added that “Johor was unique due to its close proximity with Singapore” and the state government would “benefit with Singaporeans owning properties especially in Iskandar Malaysia”.
“Johor will collect quit rent and assessment rates from them as they also will spend their money on food, utilities, necessity items and bringing benefits to local economy,’’ Chong said.
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