Minimum RM1m price tag for foreign buyers

KUALA LUMPUR: Foreigners intending to buy properties in Malaysia will have to fork out RM1 million as compared with RM500,000.
This new move is expected to come under the Guideline on Real Estate Acquisition, Economic Planning Unit, Prime Minister's Department.
Today the 70th National Land Council chaired by the Deputy Prime Minister Tan Sri Muhyiddin Yassin at Parliament House has agreed that the guideline be enforced from March 1, 2014.
The guideline enforces the increased minimum price for real estate that can be purchased by foreigners from RM500,000 per unit to RM1 million in line with Prime Minister Datuk Seri Najib Abdul Razak's announcement when tabling the 2014 Budget.
Those present included federal ministers of the relevant ministries and menteris besar and chief ministers, said a statement.
The guideline was among four consideration and three information papers touching on several important policies on land and forestry discussed.
The meeting agreed that through the proposal paper on review of quit rent in Peninsular Malaysia for 2015, the state authorities review the quit rent rate before the expiry of the 10-year period from the nearest date of the previous rental review date in line with the National Land Code 1965.
The proposal paper on the impact of mining and quarrying activities on permanent forestry management in Peninsular Malaysia was also discussed.
The council agreed with the paper which stated state governments take the initiative to control or as far as possible avoid any approval on mining and quarrying activities in permanent forest reserve (PFR) areas.
On the proposal paper on the impact of land development activities on permanent forestry management for coastal wetland areas in the peninsula, the council agreed such areas in existing PFR areas be retained and PFR areas be increased by gazetting coastal wetland areas on government land.
The three information papers presented included one on the involvement of the federal and state governments in the REDD+ (Reducing Emissions from Deforestation and Forest Degradation in Developing Countries) mechanism to reduce the effects of climatic change. – Bernama