Govt may review foreign property purchase policies – report

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PETALING JAYA (Sept 6): Putrajaya may review policies on foreign property purchases as it investigates the ownership of properties by non-Malaysians in the RM410 billion-Forest City in Johor.

The Housing and Local Government (KPKT) Ministry is expected to present a report to the cabinet soon, following which the latter will deliberate over the need to review the existing policies related to property ownership by non-citizens, reported Nanyang Siang Pau.

KPKT minister Zuraida Kamaruddin said her ministry would be submitting a report on its meetings with the stakeholders of Forest City to the cabinet.

Only representatives from the Iskandar Regional Development Authority (IRDA) attended the meeting on Monday (Sept 3) which was to also have involved officials from Country Garden Pacificview Sdn Bhd and Johor's state government due to the short notice given, she told the Chinese daily.

The parties will reconvene on Sept 14 to get updates on the project and KPKT will seek information on the project such as its background, goals, ownership quotas, sales rate and construction progress.

The report will then be presented to the cabinet, which will then decide on what will be done with the current policies on foreign property ownership.

Prime Minister Tun Dr Mahathir Mohamad had in late August said foreign property purchases in Forest City will be stopped while non-citizens who had purchased units in the development will not be granted visas to stay in Malaysia.

On Tuesday (Sept 4), he said that while purchases by foreigners were allowed, visas would not be issued.