Najib "Extensively" relax FIC as predicted by Gavin Tee
9:51 AM
水兴浪 Gavin Tee
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Gavin had predicted that the new prime minister Najib would relax the FIC guideline extensively during his last few seminars at KLCC ( march), PWTC(Arpil) and Mid Valley (June) and it had been confirmed on 30th june where the PM announced a series of new measures to liberalise the economy .FIC approval for property transactions will now only be required when it involves a dilution of Bumiputera or government interest for properties valued at RM20 million and above, while other transactions, including between foreigners and non-Bumiputeras, will not require approval.
Foreigners are now only allowed to purchase properties above RM500,000. However, Gavin thinks this will not cause any shake up in the efforts to stimulate the real estate market. In fact, High end condos and commercial property sector will be the main beneficial.
Gavin also predicted the best time to invest in property shall be from may 2009 till November 2009 as he believed the new prime minister will come out with aggressive measurements to stimulate property market. New measurements is believed to announce in the upcoming budget .
Gavin believes the upcoming budget will bring more good news to real estate market.
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