Negri Sembilan govt to consider lowering RM2mil property price ceiling for foreigners


  • Nation
  • Wednesday, 23 Oct 2019

SEREMBAN: The Negri Sembilan government is reviewing its RM2mil ceiling price imposed on foreigners wishing to buy properties in the state.

A reversion to an earlier ceiling price of RM1mil is also being considered by the state.

State Urban Well-being, Housing and Local Government and New Villages Committee chairman Teo Kok Seong (pic) said the review was necessary as the ceiling price in neighbouring states was much lower.

"During our missions abroad, potential investors would always ask us on our housing policy for foreigners in Negri Sembilan.

"And when we tell them they can only own properties worth RM2mil and above, they will always say the amount is too steep," he told reporters after the state exco meeting on Wednesday (Oct 23).

Teo said the move, to reduce the ceiling price, was among others to make the state a more attractive destination for investors.

He said developers had also asked the state government to review the RM2mil ceiling price to spur the local construction industry.

"They feel the RM2mil price is too high as there are not many properties priced beyond that," he said.

Teo said the state government had raised the ceiling price from RM1mil to RM2mil in January this year.

"We have set up a committee to review this and the new policy should come into effect next January," he said.

Teo said the state government may have different ceiling prices for strata and landed properties.

"The decision to review the ceiling price in the state is also in line with the move by the federal authorities to reduce the overhang in supply of condominiums and apartments," he said.

When tabling Budget 2020 on Oct 11, Finance Minister Lim Guan Eng proposed lowering the price threshold for foreign buyers from RM1mil to RM600,000.

The move, he said, was to reduce the supply overhang of condominiums and apartments amounting to RM8.3bil in the second quarter of 2019 and to clear the existing stock from Jan 1 until Dec 31, 2020.

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