PETALING JAYA: The Budget 2020 announcement that the threshold for foreign ownership of high rise property would be lowered from RM1mil to RM600,000 caught many by surprise.
However, there were mitigating circumstances for that decision. For one, it opens up to foreign owners, at least 3,938 units of condominiums and apartments worth a total of RM4.85bil, figures from the National Property Information Centre (Napic) show.
The move, according to an Oct 13 statement from Finance Minister Lim Guan Eng, will take effect for a period of one year from Jan 1, 2020.
However, the Napic Report also shows that the combined overhang for two other types of high-rise properties - serviced apartments and Soho (Small office home office) – amounted to 19,856 units worth a total RM15.33bil.