27 Oct '13, 2am

Foreign property buyers hit by #Malaysia budget:

The Malaysia 2014 Budget announced on Friday by the country's Prime Minister and Minister of Finance Datuk Seri Najib Tun Razak (pictured ) saw significant changes made to property purchases, especially among overseas buyers. The government will raise the minimum price of property that can be purchased by foreigners to 1 million ringgit from the previous 500,000 ringgit. At the same time, property developers will be prohibited from implementing projects that have features of Developer Interest Bearing Scheme (DIBS), to prevent developers from incorporating interest rates on loans in house prices during the construction period. Therefore, financial institutions are prohibited from providing final funding for projects involved in the DIBS scheme. As for gains on properties disposed within the holding period of up to three years, the real property gains tax (RPGT) rate was in...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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