Johor to review Federal government's RM1m floor on foreign property investment

PETALING JAYA (Nov 20): Johor wants the RM1 million floor on foreign property investment in the country to be reviewed, said its Housing and Local Government committee chairman Datuk Md Jais Sardy.

"The RM1 million restriction is the Federal government's policy [imposed in 2014]. We are looking for some locations, or units smaller than 1,000 sq ft, to see if we can have more reasonable prices for foreigners,” he said in a report by The Sun.

According to him, the state is currently looking at different formulas for housing projects specially for foreign buyers.

He noted that the state has stipulated that 40% of each housing project should feature affordable housing priced between RM80,000 and RM200,000.