Govt can revise the policy regarding the purchase of real estate by foreigners

PETALE JAYA: The government can amend the regulations regarding the purchase of real estate by foreigners in the context of a controversy surrounding the Forest City project in Johor.

According to a report in Nanyang Siang Pau today, the Ministry of Housing and Local Government will soon submit a report to the Cabinet, which will decide whether the foreign property policy should be revised.

It is clear that the controversy surrounding Forest City has prompted the ministry to provide very clear guidelines for projects with foreign developers and foreign buyers.

Minister of Housing and Local Government, Zuraida Kamaruddin, told the daily newspaper in an interview published today that the Ministry will present a report on his meetings with Forest City's stakeholders to the Cabinet for a decision on the rules and requirements relating to foreign ownership. of real estate in Malaysia.

She revealed that she and her officers would meet representatives of Forest City-head developer Country Garden Pacificview Sdn Bhd (CGPV), Johor State Government and Iskandar Regional Development Authority (IRDA) on 3 September to get details of the multi-billion ringgit project. but because of the short term only IRDA officials were present at the Monday meeting.

"Nevertheless, on September 14, we planned another meeting to get the updates about the project," she said.

Said that during the upcoming meeting, the ministry will ask for information about the background of the project, the objectives, ownership quotas, progress of work and the number of units sold, among others.

Zuraida said that a report will be submitted to the Cabinet.

"The Cabinet can study and change the foreign property policy in Malaysia (if deemed necessary)," she said.

Meanwhile, premier Tun Dr Mahathir Mohamad, whose recent remarks that foreigners would not buy property in Forest City, called a controversy, clarified Tuesday that Chinese citizens can buy Forest City units, but they will not be given a living visa to live in Malaysia.

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