Negri MB: Foreigners can now purchase property in state worth at least RM1mil

SEREMBAN: Foreigners can now buy landed property worth at least RM1mil in Negri Sembilan, which is down from the RM2mil threshold before, says Mentri Besar Datuk Seri Aminuddin Harun.

He said this was among the steps taken by his administration to rejuvenate the state economy.

"We have decided to lower the threshold to attract investors.

"We had planned to announce this in March but had to defer this due to the Covid-19 outbreak," he told reporters after the state exco meeting here on Wednesday (June 24).

Aminuddin said foreigners and foreign companies will also be able to buy stratified landed property worth more than RM1mil and strata units worth more than RM600,000.

Prior to this, foreigners were only allowed to buy property worth more than RM2mil.

The state decided to reduce the threshold because the floor price in neighbouring states is lower.

Aminuddin said the move to reduce the floor price was in line with the move at the federal level to lower the price threshold for foreign buyers from RM1mil to RM600,000.

On another matter, Aminuddin said the state exco had also agreed to offer a 25% discount on land premiums to developers who pay the full sum within 21 days of getting the approval for development.

A 15% discount would be given if the premium is fully paid within 60 days.