I remember when my cousin sister asked me about a leasehold project in Sri Petaling. I told her to go ahead and buy as long as she likes it and the place is convenient. She bought it for just below RM200,000 many years ago. It’s 800 plus square feet. Guess what, the price has more than doubled thus far. So, does this mean leasehold is equal to freehold? Legally, whether it’s leasehold or freehold, it still may not be yours forever. Just ask those whose projects were obstructing a public transportation project for example. They can still be paid compensation and asked to leave. Of course, if we are 30 years old today and we bought a leasehold project of 88 years, then we will lose our house when we reach 118 years old (if we did not renew the lease) and by our children may be 88 years, the grandchildren may be 58 years old and even the great grandchildren may already be 28 years old. 🙂 However, given a choice and at the same price, of course I would take freehold lah. Status matters, right.
Reported in NST was comments by Country Garden Pacificview Sdn Bhd executive director Datuk Md Othman Yusuf about the recent uproar over the freehold status for Forest City. He said, “If you go to Medini, Danga Bay and other areas in our country, freehold is very common. The reclamation in Penang now is freehold. To attract investors to come in is not an easy task.” He also rubbished claims that Chinese buyers in the Forest City would gain citizenship. “It’s not like a golf club membership.” He also shared that assuming Malaysians go overseas and qualify for citizenship, the government of the day in the countries would be deciding. It’s not automatic. He also commented on the recent comments by many parties on the fact that foreign ownership may threaten Malaysia’s sovereignty. “What these people say is so unfair. Why do they focus on freehold just for Forest City as if it is bad for giving freehold. Why focus on us? Why not mention Penang? Selangor? I cannot answer on their behalf.”
Actually, if buyers of properties can threaten the sovereignty of a country, I am not sure how threatened Australians should feel because Chinese buyers buy A LOT of units there. Plus the fact that Australia has a lower population than Malaysia. Let’s not even get started with the fact that less than half of London’s population are not white British…BBC report here. 24 percent are non-UK citizens. Yes, this is an actual article by BBC. Please also google to understand which country in this world owes China the most money… At this moment, Malaysia is nowhere near the front few. No idea what will happen in the future lah. I do not have a crystal ball. However, I am one who feel that Malaysia’s property market has lots of potential and should not be stopped simplify some comments. Not just Iskandar,okay. I hope that the investments into Malaysia goes into more cities and towns. Hey, perhaps then the critics can say it is an ‘invasion.’ Happy reading and following.
written on 4 April 2017
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