KUALA LUMPUR: Swhengtee International Investment Alliance founder and president Datuk Seri Gavin Tee (pix), who is also the founder and president of SwhengTee International Real Estate Investors Club, wants the limit on bulk purchases to be restricted to residential properties only.
“The government’s policy of requiring developers to submit purchasers’ details for purchase of four units and above should apply only for residential purpose and be waived when purchasing commercial properties such as complexes, hospitality and tourism properties, as well as projects within the education and medical industries,” he told reporters at a press conference yesterday.
Tee said exclusive investment programmes should be introduced to allow for the participation of corporate investments and funding managements as this will not affect the public’s affordability in purchasing residential properties.
“A healthy supply and demand scenario in the case of commercial properties will add to our cultural and economic vibrancy,” he added.
Tee said commercial properties such as shopping malls, hotels and student accommodation should be excluded from the four-unit limit on bulk purchases as these type of properties are purely for investment purpose.
“To promote or develop this area, especially in tourism, we just cannot call for first time home buyers to support…we should exclude the four unit bulk purchase limit from hotels, student accommodation and commercial properties like shopping malls. Those are the sectors that need speculation,” he said.
Tee did not answer questions on whether the ruling has affected membership and activities at his investor club.
The limit on bulk purchase was first mentioned in February when Urban Wellbeing, Housing and Local Government Minister Datuk Abdul Rahman Dahlan said that the government is considering ways to restrict bulk-buying of properties by investor clubs.
As part of an effort to curb speculative buying of properties by investor clubs, which is one of the causes of runaway prices of properties in the Klang Valley, Abdul Rahman said developers who intend to sell more than four units to a purchaser must obtain prior approval from the Controller of Housing.
The recommendation on bulk purchases is part of Tee’s Budget 2015 wish list, which includes an amendment of the RM1 million floor price for foreign purchasers to be applied only on residential properties; excluding foreign quota from Malaysia My Second Home applicants; more flexibility from banks when dealing with loan applications for commercial properties and adjustment of maintenance fees to be calculated based on the number of rooms per unit instead of per square foot basis.
Source : The Sun Daily