More than 70 per cent of the units at Park Regent – a joint-venture (JV) freehold residential development in Kuala Lumpur by mainboard-listed CapitaLand and Malaysia’s ParkCity Group – have been sold. Homebuyers have snapped up more than 353 of the total 505 units at an average of RM1,100 (S$365) per square foot, as at 6pm on Sunday, after the priority launch weekend. Malaysians made up 80 per...
While the Malaysian government is not against foreigners owning property in the country, it will not allow townships and residential projects to be developed exclusively for them, Finance Minister Lim Guan Eng said on Monday (Sept 24). He said no country would accept developments that did not benefit its own people. "Foreigners buying property is not a problem. We welcome that because they are...
The chief minister of the Malaysian state of Johor said on Tuesday (Sep 4) foreigners are welcome to buy property in Chinese developer Country Garden's controversial US$100 billion Forest City project on Malaysia's southern shore. Forest City is a 30-year project that provides jobs for Malaysians, Chief Minister Osman Sapian said, in comments that appeared to contradict Prime Minister Mahathir Mohamad's...
Malaysian Prime Minister Mahathir Mohamad on Monday (Aug 27) declared that foreigners will not be granted visas to live in the giant Forest City project in Johor, a major threat to the marketing strategy for the development. It is not his first broadside against the plan by Chinese developer Country Garden Holdings Co to create a new city that was envisaged to eventually house 700,000 people on...
Hours after Malaysian Prime Minister Mahathir Mohamad said he would ban foreigners from buying homes in the Forest City project in Johor, its developer responded by pointing to laws that allow foreigners to purchase land in the country. In fact, Tun Mahathir had welcomed foreign investment during a meeting with the firm in Beijing just weeks ago, said Country Garden Pacificview. The developer added...
Perennial Real Estate Holdings Limited (PREH) announced on Tuesday (Apr 21) that it has entered into a joint venture to acquire a freehold waterfront site in Penang, Malaysia to be developed into a large-scale integrated mixed-use development. The 50-50 joint venture between the group’s Singapore-incorporated subsidiary Perennial Penang Pte Ltd and IJM Land Berhad will turn the site into what it...
Penang chief minister Lim Guan Eng today (Oct 14) unveiled a new mixed-use development project led by a joint venture of Singapore’s Temasek Holdings and Penang’s state development agency, Penang Development Corporation. This comes as both governments take further steps to strengthen their trade and investment links. Situated near Penang’s Bayan Baru Free Industrial Zone, the S$500 million...
Despite lingering concerns about shrinking cost advantages and a lack of skilled labour in Iskandar Malaysia, the developers of a new industrial estate have said the special economic zone remains a compelling choice for Singapore companies to expand or relocate to amid land and manpower constraints at home. Nusajaya Tech Park will be the latest addition to the Iskandar economic infrastructure when its...
The recent slump in the Malaysian Ringgit against the Sing dollar did not spark any frenzied property buying across the Causeway among Singapore investors, according to some real estate agencies. OrangeTee and SLP International Property Consultants observed that investors have become increasingly cautious about property investments in Malaysia. Iskandar Malaysia, a special economic zone north of...
Singaporeans seemed undeterred by the recent property tax rules announced by the Malaysian government. More than half of the 192 indicative bookings for the latest project in Medini Iskandar -- Paradiso Nuova -- came from Singaporeans. Its developers say they are confident that the Medini properties will be exempted from the new cooling measures but analysts note that it might be best to wait for...
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