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Foreigners May Turn To Iskandar Malaysia Following Singapore's ABSD Rulling [ 06-03-2012 ]
JOHOR BAHARU, Feb 25 (Bernama) -- There is a potential for more expatriates to buy properties in Iskandar Malaysia following Singapore's announcement of a 10 per cent Additional Buyer's Stamp Duty (ABSD) late last year for certain categories of residential property purchases in the republic.
Asked to comment on the matter, Johor Menteri Besar Datuk Abdul Ghani Othman said it would mean "more reasons for people to come here then".
He said the ABSD would be good source of revenue for Singapore but felt the rate was high for foreign property buyers.
Abdul Ghani was met after he officially launched Southkey development project by Selia Pantai Sdn Bhd, a public-private smart partnership between the Selia Group and Johor state government owned Kumpulan Prasana Rakyat Johor Sdn Bhd, here, Saturday.
Selia's group chief executive officer Datuk Mohamed Zaini Amran concurred with Abdul Ghani saying the proximity between Johor Baharu and Singapore would attract foreigners to buy the properties here.
Singapore announced last December that the 10 per cent ABSD would be imposed on foreigners and non-individuals (corporate entities) buying any residential property.
Meanwhile, Abdul Ghani said the Southkey project which was based on a blueprint by leading master planner Professor Philip Cox of Cox Architects from Sydney, Australia would rejuvenate and energise Johor Baharu in future.
He commended the project was strategically located and envisaged a modern integrated urban lifestyle development that would set a new pulse for the city.
With gross development value (GDV) of RM13 billion, the project on the 133 hectares land would take up 15 years to complete.
Chairman of Southkey Properties Sdn Bhd Datuk Abdul Karim Ahmad Tarmizi in his speech said that nine precints would be built with 60 per cent of them to comprise commercial components, including a business park, shop offices, shopping mall, hypermarket, hotels, medical centre, colleges and service apartments.
Niche residential properties would comprise 10 per cent of the development and the balance would be taken up for infrastructure and public amenities.
Southkey's maiden project "The Lakefront" shop offices with a GDV of RM227 million launched last year was a success with 97 per cent sold out.
--BERNAMA
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