Buy Property of Forest City in Malaysia: A Guide for Foreigners

Over the past few decades, increasing numbers of foreigners and ex-pats have called Malaysia their home. Malaysia is globally recognized as a livable place with beautiful scenery. Malaysia ranks first in Asia and fourth in the world among the world’s most livable retirement countries selected by the US magazine International Living. Most importantly, the Malaysian real estate market remains attractive for purchasing property in Malaysia for foreign investors.

The government has launched a scheme for foreigners to buy property in Malaysia. This article will provide foreigners with a guide to buying property and why Forest City is an option worth considering.

How is the Malaysian Property Market?

During the 2010s, property prices in Malaysia continued to rise. However, the market has been slowing down over the past few years due to oversupply. The Malaysian economy has also been affected by the Covid-19 pandemic. Fortunately, as moving into 2022, the market is stabilizing following the devastating effects of the COVID-19 crisis. Additionally, prevailing low-interest rates, suppressed property prices, and buyer-oriented incentives offered under the ongoing Home Ownership Campaign (HOC) contribute to the recovery momentum.

Can Foreigners Buy Property in Malaysia?

The short answer to this question is yes. Despite the rules and regulations, foreigners can buy property in Malaysia. For example, the number of foreign purchases of properties is limited to two. By law, foreigners can buy any property in Malaysia except for the following properties:

Property valued below RM1 million;

Low and medium-priced residential units as defined by national authorities;

Properties located in Malay Reserves;

Property allocated to indigenous groups in any real estate development project as determined by the state authority.

Buying A Property in Malaysia: Step by Step

Find a real estate attorney to help you with your purchase.

Once you and the seller agree on a price, you must sign the Offer/Acceptance Letter.

NOTE: You should also make a 3% down payment.

After two weeks, the sales agreement is signed, and the remaining deposit (7%) is paid over the next three months.

The purchase agreement is then stamped at the Stamp Office, and the purchase price is verified. The buyer must then pay stamp duty (up to 3% of the price).

Changes in property ownership must be registered with the Land Office Registry.

Get the keys to your new home!

Why Choose Forest City?

Country Garden Forest City covers an area of 30 square kilometers, with an estimated total investment of 250 billion yuan and a development period of 30 years. It is located in the Iskandar Special Economic Zone, adjacent to Singapore, with unique geographical advantages. Country Garden invited the internationally renowned consulting firm McKinsey to customize a complete plan for future industrial planning for Forest City. It is planned to build Forest City into a smart ecological city with eight pillar industries of tourism and exhibition, education and training, medical care, foreign enterprise residence, near-shore finance, e-commerce base, emerging technology, and green & smart technology.

Regarding project design, Country Garden invited Sasaki Architects, a world-renowned architectural firm, to plan and adopt the vertical greening design to build vertical greening walls, sky gardens, and roof garden systems throughout the city.

In addition, you can also enjoy a pleasant vacation in Forest City. This project has constructed two international five-star hotels, providing hundreds of luxurious suites and rooms and equipped with restaurants, yacht clubs, conference centers, fitness centers, shops, and other supporting facilities. In addition, Forest City also built golf resorts, including international standard golf courses, among which the legendary course was jointly designed by Jack Nicklaus and his son Nicklaus II.

As a smart, green, futuristic city that combines environment, technology, and cutting-edge technology, Forest City aims to create an ideal, idyllic, and technology-driven living and working space ecosystem. Visit its official website for more details.