Raising the Roof » Properties Blog » International... -
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Last Visited: 12/7/2008
Since the first phase of the development went on sale in April—49 villas designed by Kengo Kuma, priced between $1.3 million and $1.6 million (RM 4.6 million-RM 5.8 million)—more than 40 percent of the buyers have been from outside Malaysia, according to Dato Jeff Yap, executive director of KH Land Sdn Bhd, the project developer.
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Government tax breaks and incentives have helped spark the international market, Yap said.
Malaysia's program allowing foreign buyers to easily gain permanent resident status, Malaysia My Second Home, is also a strong selling point, he said.
Coupled with the abolition of a real estate gains tax last April, the measure helped Kuala Lumpur real estate values jump 30 percent over the last 12 months, he said.