Malaysia gorvernment announced measures to cool its property markets.
Against the wall: RHB said Medini, one of Iskandar's flagship developments, is likely to experience a slowdown in home sales in the near term. - FILE PHOTO
[DEVELOPERS with substantial exposure to the Iskandar Malaysia region are expected to be the "worst hit" by recent property measures, as heftier taxes would deter short-term foreign purchasers who also account for a significant portion of residential sales in some areas, a research house has said.
At the same time, overseas developers are expected to be more cautious about land transactions as more punitive taxes could lead to higher landholding costs, said RHB Research.
CBRE data indicates that foreign buyers account for 54 per cent of total high-rise residential sales (by developers) in Nusajaya, and 39 per cent in Johor Baru and major suburbs.
But the new 30 per cent RPGT (real property gains tax) on foreigners who gain on disposals within the first five years of acquisition is likely to "wipe out short-term foreign speculators to a certain extent", RHB observed in a real estate report dated yesterday.]
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