KUALA LUMPUR: The government will lower the threshold on high-rise property prices in urban areas for foreign ownership from RM1mil to RM600,000 in 2020. Finance Minister Lim Guan Eng said in his budget speech that the move will work towards reducing the supply overhang of condominiums and apartments, which amounted to RM8.3bil as at the second quarter of 2019. Previously, the RPGT valuation on property purchased before the year Jan 1,2000, was calculated from Jan 1,2000 onwards. Under the new ruling, properties bought before Jan 1,2013, would be valuated from Jan 1,2013. The approval rate is 77.9%, with 982 applications amounting to RM156.2 million being approved," said the Finance Minister.

Source: The Star October 11, 2019 10:52 UTC