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New MB should review the latest property guidelines by the last MB

Recently, there was an article in a local media which asked the new MB of Selangor to cancel off the new foreigner property purchase guidelines by the last MB. These are the reasons. Stakeholders should be consulted before these measures are implemented. Neither the MIEA nor REHDA was consulted. The measures will cause the market to slowdown even further. For Klang Valley to be an international and habitable destination, foreigners should be allowed to buy and not find it hard to buy properties in Malaysia. There are rarely any foreigners buying in Hulu Selangor and Sabak Bernam areas, why have the new rules?

I have no advice for the new MB based on the above. I only want to say that consultations are good but the more important thing is a good intention. The reason is because when you consult with too many stakeholders, each telling you opposite views, who would you listen to? However, when the intention is right, then naturally the decisions made would be for the best intentions. It may not serve everyone but there is no need to serve everyone. Imagine if you are a buyer and you listen to 4 different property gurus, each with a different advice? How would you decide? As usual, you look back at your intention. What did you want to achieve in the first place. Then, you decide.

Land is a state matter. Therefore the MB wields considerable power and influence on the way that he wants the property market to go. Prices should not go up too fast. Developers should not only be looking at profits. The state must also not put profit as main criteria when they sell lands to developers. Yet, without profits, the state may not have enough money to also carry out some of the affordable projects for the needy. Do you note now why it is not just about ‘New MB changing the decisions by the Last MB?’ We will see how the new MB decides then, after consultations with all the relevant parties which has expressed their intentions loud and clear.

written on 5 Oct 2014

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