Saturday 23 December 2006

"MALAYSIA - MY SECOND HOME" PROGRAMME

R U INTERESTED IN REAL ESTATE INVESTMENT IN MALAYSIA ?


In line with the Malaysian Government's continuing commitments and liberalisation policy, foreigners could now purchase residential properties worth more than RM250,000.00 (USD70,600.00) a unit, without having to seek approval from Foreign Investment Committee (FIC).

FIC is under the control of Economic Planning Unit in the Prime Minister's Department. A Prime Minister's office statement mentioned that our Prime Minster, Datuk Seri Abdullah Ahmad Baduri has recently approved this new ruling. It said that there would no longer be a limit to the number (units) of residential properties that foreigners can own or any restrictions/conditions upon their usage.

In the past, FIC's approval must be obtained first before foreigners can purchase any residential properties, except that it is purchased for their own occupation/use only.

This latest relaxation in FIC's ruling would definitely augur well for the overal development of the local property sector, in particular high-end residential projects . Besides spurring the real estate and construction sub-sectors, it may increase the flow of foreign currency and may also boost the inflow of foreign direct investments, going forward.

Comparatively, High-end residential property prices in Klang Valley (Kuala Lumpur region), Southern Johore and Penang Island, are relatively cheaper than that in Singapore, therefore, it is HIGH TIME FOR FOREIGNERS to purchase residential properties, be it for own use or investment, or for those planning to participate in the "Malaysia - My 2nd Home" program.

KILLING 2 BIRDS WITH ONE STONE !

Yes, participating in this MM2H program will also giving you a golden opportunity to make an investment in the property/real estate markets which has good growth potential.

Effective Dec. 23, 2006, each participant of the MM2H program is allowed to purchase up to two units of residential houses at a minimum price of RM250,000 nation wide, except for the state of Sarawak (East Malaysia) whose minimum house price has remained at RM300,000.

Previously, the minimum price for the purchase of houses in Malaysia is set at:-

- RM350,000 and above each for certain areas in Sarawak.
- RM250,000 and above each for the states of Penang, Melaka and Johor ; and
- RM150,000 and above for other states in Malaysia.

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