Smart move to revive property sector in Sabah
Published on: Monday, January 17, 2022
Foreigners can now buy high-rise condos with RM600,000.
Foreigners can now buy properties worth RM600,000 in Sabah following the decision to lower the minimum threshold from RM1 million to for the high-rise residential units.“This is only applicable to high-rise condos. Foreigners looking to purchase landed properties must still meet a minimum purchase price of RM1 million.”
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The smart move is aimed at improving the prospects for such properties whose sales are currently depressed due to the Covid-19 pandemic and stricter conditions for loan approvals due to job losses and slashed salaries.
Sabah Economic Advisory Council (SEAC) Chairman Tan Sri David Chu who said the pandemic has had a significant impact on developers the last two years because the local market was unable to absorb the existing supply of houses.
Hence, he said, the housing market was in desperate need of international buyers. Sabah is exercising its State rights under the GRS Government in this regard vis-a-vis the Malaysia Agreement 1963 and is not bound by similar policies set in the peninsula.
The purchase of such units by foreigners would in have a multiplier effect on Sabah’s economy through new demand for goods and services by these investors who may even bring their talents and expertise in business and other undertakings to Sabah.
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