JOHOR PROPERTY SALES SEEN NOT AFFECTED BY PROPOSED STATE TAX Foreigners will continue to buy properties in Johor, especially in and around Iskandar Malaysia, despite the Johor government’s proposal to impose higher taxes on foreigners owning properties in the state. Pulau Indah Ventures Sdn Bhd general manager Roslina Arbak, who said this, revealed that the company had not seen foreigners who registered as buyers for its newly-launched project Afiniti Residences @ Medini Iskandar Malaysia pulling out. Roslina said this to reporters in a briefing on the project, which comprises 147 units of high-end strata residences in a 21-storey tower block. The condominium units with a floor area between 715 sq ft and 1,064 sq ft are priced on the average from RM850 to RM1,000 per sq ft depending of the unit’s location and view. The project, being developed by Pulau Indah Ventures, a 50:50 joint-venture between Khazanah Nasional Bhd and Temasek Holdings Pte Ltd, is located on a 2.02ha site with a gross development value of RM500mil. Among the facilities include a wellness centre, a wellness-themed retail offering, a corporate training centre and service apartments. She said as of May 31, 2013, the company had received 1,570 applications for the project of whom 60% were Malaysians, 32% Singaporeans and the balance were from Indonesia, South Korea and United Kingdom. “Due to the overwhelming response for the project, we will hold a balloting process on Saturday,’’ Roslina said, adding the company continued to receive new applications after registration was closed as end of last month. She said buyers were attracted to the project as it was the first high-rise project in Medini and the first to incorporate the wellness-themed components in its development. Meanwhile, CB Richard Ellis (M)Sdn Bhd executive chairman Christopher Boyd said Iskandar would continue to become an attractive place for foreign property buyers despite plans to introduce higher taxes on them. CB Richard Ellis is the marketing agent for the project. He said investors were attracted to Iskandar due to its good long-term prospects, adding that since its inception seven years ago, the country’s first economic growth corridor has been progressing well. Boyd said there was not much details on the proposal but added it would not cause any massive impact to Iskandar. “Malaysia has one of the most liberal foreign property ownerships in the region and foreign buyers will continue looking to buy properties here,’’ he said. On Sunday, Johor Mentri Besar Datuk Seri Mohamed Khaled Nordin said the state government would impose higher taxes on 130,000 foreigners owning properties in Johor. He said the amount was still being discussed and the new rates would be imposed by the end of the year to increase the state’s coffers.
Posted on: Wed, 19 Jun 2013 05:04:43 +0000
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