Govt may change rules on property purchase by foreigners

THE government may amend the regulations on the purchase of property by foreigners, in the wake of a controversy surrounding the Forest City project in Johor.

According to a report in Nanyang Siang Pau yesterday, Housing and Local Government Minister Zuraida Kamaruddin said the ministry will submit a report on its meetings with Forest City stakeholders to the Cabinet for a decision on the rules and requirements related to foreign ownership of property in Malaysia.

It is understood the Forest City controversy had prompted the ministry to come up with clear guidelines on projects involving foreign developers and foreign buyers.

Zuraida said she and her officers were supposed to have met representatives from Forest City master developer Country Garden Pacificview Sdn Bhd, the Johor government and Iskandar Regional Development Authority (Irda) on Sept 3 to get details of the multi-bilion ringgit project, but due to the short notice, only officials from Irda were present.

“We have scheduled another meeting on Sept 14 to get updates on the project.”

She said at the upcoming meeting, the ministry will request for information on the background of the project, its objectives, ownership quotas, work progress and the number of units sold, among others.

A report will then be presented to the Cabinet.