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Last updated: 12 Nov 1999

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2. Johor lifts property curbs on foreigners: November 8, 1999.

With immediate effect, foreigners are allowed to sell or transfer properties worth more thna RM250,000 (S$109,000) without the state government approval.

Processing time would be 2 weeks instead of 9 months, according to Mentri Besar Datuk Abdul Ghani Othman..

The quota relaxation included apartments, condominiums, office lots, shop lots and those sold under the second House Ownership Campaign.

Johor has around 40,000 unsold houses worth RM5.38 billion or 43% of the 97,000 unsold units in Malaysia.

The floor price for foreign purchases was fixed at RM350,000 instead of $RM250,000 (see report No. 1 below).

1. 1998 Malaysian budget: November 12, 1999.

FOREIGN OWNERSHIP OF PROPERTY in Johor
and its implications for the small investor

As many Singaporeans are keen on Johor properties, the following report updates the investment rulings for their benefit. The Chief Minister Abdul Ghani Othman announced yesterday the following guidelines:

1. 10% of the total number of bungalows , each selling above RM$500,000 (S$237,000) can be sold to foreigners presently. The % will be increased depending on how much money the companies bring in as foreign direct investment (FDI) and require homes for their professional staff working in Johor.

2. The present quota of 30% for condominiums and apartments costing at least RM350,000 is raised to 50% for "FDI specific" purposes.

3. The foreign quota for residential holiday homes (e.g condo-tels, hotel apartments, service apartments) will be raised from 30 to 60%.

4. The 20% quota for office space and business premises in commercial complexes will only be raised on application.

Analysis.

The above policy does affect the ordinary Singaporeans on the resale market as I presume that if the quota is 60%, the project on the resale market will be 60%. Singaporeans need to consult the experienced lawyers and be updated on foreign property ownership in many countries. Each State in Malaysia has its own policies and such policies do change.

The best is to consult a lawyer experienced in property business.
For example, in Australia, no foreigners can buy >50% of a new residential development but can buy land for development. Foreigners cannot buy resale properties. In Florida, USA, there is no quota on purchase of residential properties whether old or new.