Thursday, January 20

No plans to up RM500,000 ceiling price for foreigners to buy properties in M’sia — Chor

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KUALA LUMPUR: Housing and Local Government Minister Datuk Seri Chor Chee Heung says there are no plans to increase the RM500,000 minimum ceiling price for foreigners to buy properties in Malaysia.

He said the government had considered raising the minimum price but found that the number of foreigners acquiring properties in this country was still less than double-digit in terms of overall percentage, with Singaporeans making up around five per cent.

“However, the government may review the ceiling price in future,” he said, adding that the base price was a bit low looking at the present circumstances.

Chor also said Malaysia was fast becoming an education hub in the region, wooing many parents from China and Southeast Asia to buy residential homes for their children to study in this country.

“Property buyers should see the properties personnally instead of making their decision solely on on-line information,” he told reporters after launching a new property portal, ‘Malaysia.SouFun.com’.

Chor also encouraged property buyers to visit Malaysia and view the properties to ensure that everything was alright.

“We’ve received many reports about false promises and advertisements for on-line purchases of other products,” he said.

Chor said property developers should organise tours for buyers to view their properties.

Malaysia welcomed foreign clientele, mainly from China, he added. — Bernama