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N. Sembilan govt to consider lowering price ceiling of residences for foreigners

Last update: 23/10/2019

SEREMBAN, Oct 23 -- The Negeri Sembilan state government is studying the possibility of lowering the existing price ceiling of RM2 million for both unsold strata and landed residences, for foreign purchasers.

Urban Wellbeing, Housing, Local Government and New Villages Committee chairman Teo Kok Seong said the aim behind such a move, was to make the housing market more competitive, given that the price ceiling for foreigners in Melaka is RM500,000 for strata properties and RM1 million for landed residences, while strata properties in Selangor is RM1 million.   

Teo added that since the state government raised the price ceiling from RM1 million to RM2 million in January, many concerns had been conveyed to them by housing developers and foreign investors.

He said this today during a press conference after attending a meeting of state legislative councillors.

Teo added that the state government's intended study follows the recent decision by the Federal Government to reduce the price ceiling for condominiums and apartments sold to foreigners, from RM1 million to RM600,000 effective 2020, in a bid to reduce the glut of unsold properties worth RM 8.3 billion.  

A decision by the state government on the matter is expected to be made by the end of the year, after engaging in dialogues with housing developers and other relevant parties.

In other developments, Teo said the government, in cooperation with the Railway Assets Corporation, will provide assistance or compensation to owners of vehicles which were stranded in recent flash floods at the Sungai Gadut train station. 

-- BERNAMA