No exclusive townships for foreigners, developers told

Lim said the government will never allow property developers to build townships exclusively for foreigners. — Picture by Razak Ghazali
Lim said the government will never allow property developers to build townships exclusively for foreigners. — Picture by Razak Ghazali

KUALA LUMPUR, Sept 24 — Finance minister Lim Guan Eng said Putrajaya had no issues with foreign ownerships of properties, but warned against real estate development projects solely for foreigners.

He said the government will never allow property developers to build townships exclusively for foreigners.

“Let me be clear that our Prime Minister does not oppose to foreigners buying properties in Malaysia but when townships are built exclusively for foreigners, how does that benefit the country and Malaysians?

“This the government will not accept,” he said during his keynote address at the Rehda Institute CEO Series 2018 Annual Property Developers Conference at Sunway Putra hotel today.

Lim said no country would be at ease if foreigners, regardless of their nationalities, were given exclusivity in property purchases.

"Remember this; when Dr Mahathir expresses reservations, he is not opposing foreigners owning property in Malaysia," he said.

Prime Minister Tun Dr Mahathir Mohamad had courted controversy last month after he said foreigners would be banned from buying properties in development, specifically the Forest City project by Country Garden Holdings Co. in Johor.

The Prime Minister's Office later clarified that while foreigners could own property in Malaysia, their investments did not guaranteed them residency in Malaysia.

Lim further reassured developers stating that projects were open and available to both Malaysians and foreigners.

“Do not worry.

“Foreigners buying properties are welcomed because they are bringing money into Malaysia," he said.

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