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Government to Review Policies on Property Purchase by Foreigners

Government To Review Policies On Property Purchase By Foreigners
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By Ahzam Nadzri

Forest City, one of the major development projects that is expected to spearhead the growth of the Iskandar Malaysia Development Region (Wilayah Pembangunan Iskandar), is under scrutiny of late from many sides, including from the Prime Minister himself, Tun Dr Mahathir Mohamad, who made remarks regarding foreigners being able to purchase properties within the city.

Realising this complication, the newly-elected Pakatan Harapan (PH) federal government aims to review the regulations on the purchase of property by foreigners.

Nanyang Siang Pau reported on the 5th of September that the Housing and Local Government Ministry will present a report to the Cabinet which will decide whether the ownership of local properties by foreigners should be reviewed.

In an interview published by The Sun Daily with the Housing and Local Government Minister, Zuraida Kamaruddin, she divulged that the Ministry will schedule a meeting with the representatives of the Forest City master developer Country Garden Pacificview Sdn Bhd (CGPV), Johor state government and Iskandar Regional Development Authority (IRDA) on the 14th of September to obtain information on the project’s background, objectives, ownership quotas, work progress, and the number of units that have been sold.

A meeting with the aforementioned authorities was previously scheduled by the minister on the 3rd of September, but only representatives from IRDA were present for the meeting due to short notice.

Said Zuraida, “The Cabinet can study (these details/information) and amend the policy on foreign ownership of property in Malaysia.”

Read the official Press Release here.

Credit: Cover Photo by The Straits Time
Sources: The Sun Daily, Nanyang Siang Pau

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