Beware when buying property in JB. Here's why.

[@SGGossips]

If you can buy a condo for S$150k in JB, would you retire there?

[@wnose]

I think the way to do it is to form a single corporation to buy the condo, and you hold 100% ownership of the corporation. Then if you want to sell, then you sell the shares of the corporation, and the new owner of the corporation assumes ownership of the condo. The condo has not changed hands since the corporation still owns the condo. Land registry still shows the same owner, and the bills still go to the same "person".

[@SGGossips]

@@wnose That's a good way to go around it. Maybe not solve the root issue with this PLS situation where ownership is never given, but a good way to switch hands without changing things on the registry side😉

[@tatsuhitot]

Nope, I would just rent a nice apartment elsewhere in Malaysia for retirement. Unlike Singapore, value appreciation of foreign properties is no guarantee. Renting wouldn't cost a lot upfront, it would save me from all the hassle and worries of the buying process and maintenance. And most importantly, renting gives the freedom and ease of moving any time I want. But then again, if I have to spend S$150K, I would rather go to Italy for quality retirement.

[@Drakeo-l8s]

Malaysians are so 'used to' corrupted practices because Malaysia is thoroughly corrupt, so much so that these things are no longer considered scams to many of them. What is immoral to them is also often considered religiously holy. Its a reality that they do not want the world to know. But thats how OUTRAGEOUS things really are over there. And news reported 100 Singaporeans, but the actual number is closer to 200. What the agents don't tell you is that you will have visa issues if you try to stay there 365 days for retirement. End up, you won't really be able to stay there, only able to visit. Your tenants often end up destroying the house and your property never appreciates because Malaysia has tons of space to build more residential units, in fact there are thousands of empty units sitting there waiting for buyers in Forest City and many other condos. Plus you must pay year taxes and maintenance...PLUS the RGPT if you sell, which is up to 30% depending on when you sell it. NOT to mention the malaysian ringgit depreciates like crazy. So whether its currency, maintenance, taxes, rgpt, visa, rogue tenants, security, custom clearances, you will lie cork standing if you buy Malaysian properties as a non-Malaysian. In fact they do not like you buying their properties, they want you out. If another religious riot breaks out like in 1965, get ready to never come back.

[@Drakeo-l8s]

@@wnose Malaysians are so 'used to' corrupted practices because Malaysia is thoroughly corrupt, so much so that these things are no longer considered scams to many of them. What is immoral to them is also often considered religiously holy. It is a reality that they do not want the world to know. But that is how OUTRAGEOUS things really are over there. And news reported 100 Singaporeans, but the actual number is closer to 200. What the agents don't tell you is that you will have visa issues if you try to stay there 365 days for retirement. End up, you won't really be able to stay there, only able to visit. Your tenants often end up destroying the house and your property never appreciates because Malaysia has tons of space to build more residential units, in fact there are thousands of empty units sitting there waiting for buyers in Forest City and many other condos. Plus you must pay year taxes and maintenance...PLUS the RPGT if you sell, which is up to 30% depending on when you sell it. NOT to mention the malaysian ringgit depreciates like crazy and even if you want to re-sell your property, there will not be any buyers because locals don't have so much money and foreigners usually cannot buy 2nd hand in many states and provided above 1 million. So you are stuck. Whether its unable to sell, currency, maintenance, taxes, rpgt, visa, rogue tenants, security, custom clearances, you will lie cork standing if you buy Malaysian properties as a non-Malaysian. In fact they do not like you buying their properties, they want you out. If another religious riot breaks out like in 1965, get ready to never come back.

[@AZ108AZ10]

Malaysia (JB) an excellent for retirement - Low cost of living - Low density - Low stress - Peace - Quiet - Slow life - Tranquility❣

[@SGGossips]

Very true☺☺

[@authenticwj7515]

Lack of financial literacy. You never read the fine prints before buying.

[@YMWong-cb6ke]

How to buy a condo unit in Malaysia for $150k if you are not a Malaysian? Foreigners can only buy those units that cost more than $1million ringgit.

[@TheStudio-div]

Can, i give some examples not for promoting, just some random out of my head. pandan height foreign purchase min RM500k, Larkiton adison west foreign purchase min RM4xxk. Got many other good properties.

[@TheStudio-div]

As a Johorian, i would say please dont buy those overpriced condo, got so many good options. Even if you want to buy PLS leasehold condo, you can directly buy RM3xxk / SDG 100k studio unit, it got no foreign purchase limit restriction. Dont buy those SGD 280k / RM920k PLS condo. really bo hua.

[@SGGossips]

Seems like it can be done. So many Singaporeans own condos in JB that's below RM1m.

[@edwinwee267]

Not sure if the group is aware that the minimum amount for non Malaysians to buy a property in Malaysia is MYR$ 1milllion. The fact that they signed a "Privately Leased Agreement" , seems to imply that it is not a purcahse of ownership. Simply said there is no title deed after so many years has passed. You are just simply paying the full amount of rent for the duration of 99 years upfront? And if this type agreement is sold publicly in Malaysia for some type developments for years in some states in Malaysia it will be difficult to prove misrepresentation. But perhaps, a collective law suit may bring a different outcome should evidence proof otherwise. Sad to hear but Malsysia is still a good place to retire especiallyvits close proximity, familarity, language and lower cost of living will stretch your dollar.

[@tg988]

YT alpha marketing sg

[@tg988]

alpha marketing sg

[@TheStudio-div]

Actually no, you can buy JB condo at RM500k some at RM400k. (This is exclude those unlimited buying limited of Private Leasing Scheme) The reason from what i understand is some of the land itself has gotten the approval prior to the newer laws enacted. Hence they are not subject to the more newer 1 million ringgit foreigner restriction. (yeah you hear it right) But this kind of scenario only happen in JB. same with PLS only happened in JB. For Singaporean PLSEASE dont buy expensive condo for no reason...there are lot of good cheap property via JB. And if can buy landed dont buy condo

[@SGGossips]

Yeah, it's a good place to retire. These Singaporeans may be ruining it by buying things up and increasing the standard of living there too.

[@SGGossips]

@@TheStudio-div 👍👍

[@danielwly1703]

Always make sure your name is or will be on the title when buying property. Engage a conveyancer yourself if you can.

[@SGGossips]

Good advice!👍👍

[@sinkorswimchimmy6786]

This problem is legit and true. It is in the local tabloids. I hope the buyers get their money back.

[@SGGossips]

Yeah😅😅

[@Ymusputhandle]

Who said Private Lease Scheme cannot rent? Can even Airbnb! Singapore residential property cant do Airbnb Leasehold individual title is better than HDB leasehold

[@SGGossips]

Read about it. You're not allowed to rent out unless you get the approval of the developer.

[@Ymusputhandle]

@SGGossips pls don follow wat ppl mistaken, PLS can rent, sell, refinance etc jus like any property As u mentioned "unless u get approval from the developer", just like HDB, otherwise HDB can repossess ur flat

[@jp0924]

they must be a china thinking , im sure the developer are for sure china company

[@SGGossips]

😂😂