Iskandar Property Digest – Nov / Dec 2013

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Medini zone granted tax exemption – The earlier announced of 30% property gains tax announced in October to cool soaring property prices will not apply to Medini.  This is to provide catalyst to get more investments into Medini.

Property prices to stabilise – With two new cooling measures; increase the minimum to one million ringgit for purchase of property as well as a 30% RPGT, prices in Iskandar is likely to stabilise. This should be a good breather.

RM4.5 Billion worth of land sold – A China public listed company has come into Iskandar very strongly. Guangzhou R&F Properties Co. Ltd.  It is buying the 6 plots of land for a development which includes high-rise residential units, low-density housing, retail properties, offices, a hotel and a shopping mall. This is the Hong Kong-listed firm’s maiden overseas venture.

New commercial assessment tax? – Beginning 1st january 2014, Johor City Council (MBJB) will be increasing the assessment rates. The rates has not been revised since 1995. It is hoped that with this, there would be improved road conditions, garbage collection and recycling facilities. 

New release mechanism for bumiputera property units – A new mechanism is being worked upon to release the unsold bumiputra units in the state. This may involve the property developers paying a fee and thus avoid extra holding costs. Current process meant that the developers have to complete 50% of the project of wait 9 months from the launch date before they can apply for the release.

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