Published:
Singaporeans buying Johor properties feared to face higher cost
Malaysian government to charge extra for foreigners.
According to a report by Reuters, Malaysia's southern state of Johor, which neighbours Singapore, will impose a higher processing fee on foreigners who buy houses, state news agency Bernama reported, as it looks to boost revenues and rein in speculative buying.
Bernama quoted the state executive councillor for housing and local government, Abdul Latiff Bandi, as saying the state government will charge a fee of 4-5 percent of the property value. Proceeds will go towards welfare projects in Johor.
This compares with the current flat fee of 10,000 ringgit ($3,100) per property.
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