Rising prices and minimum price of houses

Back then, my reply to a forummer:

Its actually still doable now though the minimum is actually 350k ringgit and it has to be at least 2 storeys tall. As long as the property you are buying is not too far off the mark(example 320-340), the agent/guy will be able to do something for you to get around this.

I am trying to verify the rumour that the government are going to raise the minimum property price to 500k ringgit by start of next year, it would basically make it impossible for people to buy properties that are still available now.

I am thinking to cheong for Danga bay, etc and get more before that if this is true so if you find any information here, will be glad if you could share.

Which property got your fancy? Danga? You can borrow up to 90% from banks. Although most will tell you only 85% but you can actually get it for higher than that. There is still some time before the cut off date but yes, after the cutoff, it will be increasingly difficult for people to move there.

Ok, found it:

Source:
http://www.bloomberg.com/apps/news?p...d=azdYa9FrJGLo

Last paragraph:
Approval from the government’s Foreign Investment Committee won’t be needed when a property owned by a Bumiputera is sold to an ethnic minority investor for less than 20 million ringgit, Najib said. Foreigners won’t need FIC approval to buy properties for more than 500,000 ringgit, up from 250,000 ringgit, he said.

Source:
http://www.breitbart.com/article.php...show_article=1

Interesting read on the FIC.

Source:
http://www.epu.gov.my/web/guest/236

Found this one, so its not a rumour after all.

(c) Guideline on the acquisition of properties:
•Going forward, FIC will only process transactions involving the dilution of Bumiputera interests and / or Government interests in properties valued at RM 20 million and above, whether bought directly or indirectly (through acquisition of companies owning properties);
•All other property transactions shall no longer require the approval of FIC;
•Except in the event of a dilution, as stated above, foreign interests will no longer be required to apply for approval to FIC for the acquisition of properties. However, foreign interests cannot acquire properties below specified threshold limits. The threshold amounts for commercial properties will be RM 500,000. For the purchase of residential properties, the present threshold of RM 250,000 is maintained until the end of 2009, and with effect 1 January 2010, it will be RM 500,000;