States get leeway on floor price of property for foreigners

Housing minister Zuraida Kamaruddin.

KUALA LUMPUR: State governments have been asked to set an appropriate price level at which foreigners can own property in their respective states, housing minister Zuraida Kamaruddin said today.

She said the RM600,000 threshold price stated in the 2020 Budget speech was just a guide and stressed that it would be implemented only for a year starting next year.

“It is proposed by the finance ministry in view of so many unsold houses.

“So I ask the state governments to determine the appropriate ceiling price because they have the power. Of course, the threshold price for each state, for example, Johor and Perak, will not be the same. They’ll have their own price,” she said.

In his Budget speech, Finance Minister Lim Guan Eng said the government would lower the floor price of high-rise real estate in urban areas for foreign ownership from RM1 million to RM600,000.

Zuraida also welcomed Transport Minister Loke Siew Fook’s proposal on Friday that transit-oriented development projects be given the leeway to reduce the size of car parks as it would reduce the cost of residential units as well as encourage the use of public transport.

“When homes are built near public transport, parking facilities are no longer needed. This will help young people in the city reduce their cost of living,” she said. - FMT