Lower property price threshold for foreigners: It could attract Singaporeans

KUALA LUMPUR (Oct 19): There could be “some positive reaction from Singaporeans” when the foreign property price threshold reduction from RM1 million to RM600,000 kicks in, a property expert told Free Malaysia Today (FMT).

“There may be a fair number of Singaporeans who may see it as an investment opportunity,” Rahim and Co International CEO Siva Shanker (pictured) told the news portal.

He said the attraction is due to the conversion rate of the currencies of RM600,000 to about S$200,000.

Property agent Yap Seng Huat, on the other hand said “he believes the move will draw the interest of buyers from China and Hong Kong”.

“There are good properties in KL under RM1 million which can give good returns on investments, especially in areas around KLCC and Mont Kiara,” he told FMT.

The properties covered under the lower foreign threshold proposed in Budget 2020 are supposed to involve only high-rise stratified properties in George Town, Kuala Lumpur, Johor Bahru and some cities in Selangor.

Meanwhile, the Real Estate and Housing Developers’ Association Malaysia (Rehda) has dismissed claims that the lowered property threshold is meant to bail out property developers.

“We must look at it from the perspective of the industry as a whole. We don’t want to have a situation where we have excessive inventory and developers cannot reinvest,” Rehda president Datuk Soam Heng Choon said in a report by The Edge Malaysia.

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