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#BUDGET 2011* ‘No more shifting the goal posts’ -MPI

KUALA LUMPUR: The Budget 2011 tabled by Prime Minister Datuk Seri Najib Abdul Tun Razak in Parliament on Friday, Oct 15 was largely quiet on measures to attract foreign investments to the country's property market.

However, Malaysia Property Inc (MPI) chief executive officer (CEO) Kumar Tharmalingam said the market will be fine as long as there are no more “surprises”. He said foreign property buyers prefer do not need any more concessions.

“Foreign investors want consistency. We have checks and balances to curb speculation, and so forth. With the current situation, nothing should be repealed,” he told the edgeproperty.com  in a telephone interview.

“No more shifting the goal posts. I think we have enough regulations on real estate investments. And our country's economy is on the right footing to grow our gross domestic product by 6%,” he added.

On the real property gains tax (RPGT),  which had initially caused quite an uproar when it was re-introduced in last year’s Budget, Kumar said the industry and investors have come to accept it.

The RPGT is fixed at 5% on the gains arising from the sale of real property starting Jan 1, 2010 with certain exemptions.

On the RM40 billion-Mass Rapid Transit (MRT) system, which is slated for implementation next year under the Greater Kuala Lumpur plan, he said it would be a driver for real estate development and appreciation.
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