Property gain tax changes (RPGT) from Malaysia 2014 Budget

Sharing update from 2014 Budget:

REAL PROPERTY GAINS TAX

* For gains on properties disposed within the holding period of up to 3 years, RPGT rate is increased to 30 percent.

* For disposals within the holding period up to 4 and 5 years, the rates are increased to 20 percent and 15 percent, respectively. Malaysian property firms with exposure to this tax change include UEM Sunrise, Mah Sing Group  and Tropicana Corp . 

* Raise the minimum price of property that can be purchased by foreigners to 1 million ringgit from 500,000 ringgit. 

* Prohibit developers from implementing projects that have features of Developer Interest Bearing Scheme (DIBS), to prevent developers from incorporating interest rates on loans in house prices during the construction period.

* Financial institutions are prohibited from providing final funding for projects involved in the DIBS scheme. Malaysia's top three banks are Maybank, CIMB and Public Bank.

Johor move to cool down property market | Free Malaysia Today

Many would have been aware of this, but in case if you've not heard about recent cooling measures in Johor, the government will be imposing processing fees of 4% and 5% of the property value starting next year. This is a dramatic increase from current fee of RM10K.

Another measure is in limiting the number of foreign ownership. “Local buyers will not be able to transfer ownership of their units to foreigners once the 30 per cent quota (for foreigners) has been filled. These are just some of the steps that the state government will be introducing to safeguard the interests of locals,” Johor’s State Housing and Local Government Committee Chairman Abdul Latiff Bandi said.

We do feel that the property market has started to slow down, partly also due to financing issues faced by many interested buyers. Banks are more strict in giving out loans and the cash over valuation amount is quite significant, hence only cash rich investors would be able to invest.

The next wave could be when Educity, Pinewood etc open up, let's see what the future entails :)

Johor move to cool down property market | Free Malaysia Today

Legoland Waterpark is Open

Yeay, the LEGOLAND Waterpark is finally opened! The waterpark features 20 rides and attractions and over 70 LEGO® models, with key higlights such as Build-A Raft River where kids customize their own raft made of soft LEGO bricks before floating down a lazy river.

You can purchase 1-Day Theme Park and Water Park Combo Ticket online for RM140 & RM112 adult and child respectively. 

I managed to upgrade my annual pass to premium pass to include entrance to waterpark. Looking forward to visiting soon. 

Congratulations LEGOLAND!

Hershey's opening a plant in Johor

Yipeeee choc coming to Johor!

http://www.thestar.com.my/Business/Business-News/2013/10/05/Hershey-plans-Msia-plant-It-is-expected-to-invest-RM816mil-in-stateoftheart-facility-in-Johor.aspx

Singapore Malaysia High Speed Rail Economic Impact

Read this recent article that the proposed High Speed Rail has been marked by the Government as an Entry Point Project under Economic Transformation Programme which was expected to generate an additional RM6.2 million gross national income per year and create 29,000 jobs in direct and indirect employment by 2020. RM6.2M sounds a little bit low don't you think? Anyhow, it'd be great to have an efficient transport link between the 2 countries, hopefully there's a stop near home as well so we don't have to rely on driving cars all the time.

Best steak in Johor

Loveeeeeee Grill Bar Steakhouse! The place was closed in our 1st attempted visit and we finally get to eat there at our 2nd visit.

I was looking for rainbow trout but i couldnt see it in the menu so i ended up ordering Wagyu steak with BMS 5...had no idea what that meant until that dinner. BMS stands for the beef marbling standard, thr higher the BMS index, the higher grade hence more expensive the steak is. It was my first time eating wagyu steak and i must say that it was so soft and tender, so yummy!

Everyone ordered steak as main course but some had steak Dianne and others ordered fillet Mignon. Steak diane was about 120RM, wagyu steak 110RM and fillet mignon RM60.

We also had starters and appetizers. I had Iobster bisque as starter and creme brulee as dessert. For the three of us, dinner cost RM539. Expensive for Johor, but cheap for Singapore standard. Unfortunately, i was too excited and forgot to take pictures of starter and the steaks!

The restaurant has a cosy and nice atmosphere, service was good. I would definitely like to go back there.

The restaurant is always full, so best to call and make reservations a day or two before planned dinner.

Njoy!

Grill Bar Steakhouse
202, Jalan Sri Pelangi, Taman Pelangi, 80400 Johor Bahru, Malaysia, Johor Bahru, Johor

19-Oct: Went back for another steak dinner. We tried the special of the day "Steak for 2" Prime Rib dinner (900 gram, cost RM307), it was yummy. Dinner cost RM508 in total, including starters, rib, drinks and dessert for 2 people. I still loveee the wagyu, will stick to wagyu next time! 

Took picture of everything but the prime rib (arghhh - mommy's brain!)

Johor unlikely to hike property ceiling price from RM500K to RM1m - StarProperty.my

Interesting quote: foreigners are no longer allowed to buy from Malaysians in the secondary market. I wonder if they meant both bumi and non bumi lots?

Johor unlikely to hike property ceiling price from RM500K to RM1m - StarProperty.my