KUALA LUMPUR (Bernama): The move to lower the threshold for foreigners to buy condominiums and apartments in urban areas from RM1mil to RM600,000 is only applicable to existing unsold units, says Finance Minister Lim Guan Eng. "Existing units that have not been sold are the residential units that do not interest local buyers. "Local buyers who wish to buy, are not being denied their rights; they can buy now and the units will not remain as unsold properties, ” he added. Lim explained that the proposal was made to reduce the supply overhang in condominiums and apartments amounting to RM8.3bil as of the second quarter of 2019. Lim added that the Finance Ministry will monitor continuously the implementation of the measure to ensure that it achieves its objective.

Source: The Star October 13, 2019 10:07 UTC