Taiwanese eye hundreds units under the Malaysia My Second Home Programme
Published on: Tuesday, May 02, 2023
By: Hayati Dzulkifli
Chua said a Taiwanese Group, CSX Holdings, have expressed interest in purchasing 200 units throughout Kota Kinabalu.
SHAREDA has successfully proposed changes on several policies related to attract foreign buyers of the property in Sabah.“After highlighting a need to reduce the threshold of buying property by foreign investors under Sabah Malaysia My Second Home Programme (Sabah MM2H), the State Secretary issued an approval letter which detailed the change in policy in reducing the foreign investors threshold from RM1 million to RM600,000 that was made available to Shareda.
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“This circular not only included high rise residential properties, but also commercial titled properties with residential usages (widely known as commercial suites or Airbnb units) and landed properties,” said Chua.
With the recent announcement by the state government, Chua said the Sabah MM2H was formally introduced with the following criteria (not exhaustive list) as recommended:-
- Fixed deposit of RM150,000 (for individuals) or RM300,000 (for families) to be placed with Sabah Development Bank (SDB)
- Off-shore income of RM7,000 (for individuals) or RM10,000 (for families) per month
- Minimum cumulative stay period of 30 days in Sabah
- Visa fee of RM500 per year
“Due to SDB not being a typical merchant bank, the current procedure for the aforementioned fixed deposit criteria is still being discussed on the best course of action.
“These good policies being implemented by Sabah will further stimulate the market and the economic spin-off will benefit greatly. It will create a surge of investors to enter Sabah to purchase or pre-select the affected properties,” he said.
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Chua said a Taiwanese Group, CSX Holdings, have expressed interest in purchasing 200 units throughout Kota Kinabalu.
He said the company has committed to purchase 30 units of Sutera Bay in Kota Kinabalu, which is a project by one of our members – the VTS Group.
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“They will be the impetus of confidence and attract further investment into Sabah for the Taiwanese market, which will also increase interest in Sabah-MM2H.”a
Despite many of the criteria for Sabah-MM2H seemingly targeted at primary markets, Chua said secondary market developments for projects under construction projects and existing projects will benefit greatly from the updated criteria.
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