Titijaya: Threshold reduction for property ownership by foreigners will help sales of unsold units

11 Oct 2019 / 18:36 H.

PETALING JAYA: Titijaya Land Bhd deputy group managing director Lim Poh Yit said the government’s initiative to reduce the threshold value for property purchases by foreigners will help the sales of unsold high-rise units.

Finance Minister Lim Guan Eng said in his budget speech that the government will lower the threshold on high-rise property prices in urban areas for foreign ownership from RM1 million to RM600,000 in 2020.

On the rent-to-own financing scheme, Poh Yit said this will help reduce the burden for young working adults and families who face rising living costs and enable them to finally own a home.

“Waiving the stamp duty for ownership transfer between developer and bank as well as between buyer and bank is also a good move to rejuvenate the property industry’s performance,” he added.

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