UMLand Seri Austin CEO, KK Wong, said the new regulation limiting foreign ownership in projects outside international zones in Johor was not an issue for them as less than 10% of investors in their township are foreigners.
“About 90% of our house buyers are locals who purchase to stay or buy for investment,” said KK Wong.
KK Wong was commenting on Johor Menteri Besar Johor, Datuk Mohamed Khaled Nordin’s recent statement that foreigners could not own more than 20% of properties in projects outside international zones.
He added Seri Austin is a good investment choice for Malaysians and that there is still a market for landed high-end property, especially for cluster and semi-detached houses, despite the challenging economic outlook.
Seri Austin started with a land bank of 202ha about 11 years ago and currently about 80% of their land has been developed with more to come over the next five to six years.
“With the Aeon Mall coming up in Bandar Dato’ Onn, our area will become more vibrant,” said Wong, adding that the development also had dedicated bicycle lanes and was awarded the first Smart Healthy City & Communities Township by IRDA.
In September 2015, the State Government introduced international zones for housing development projects in a move to address fears among locals of foreigners snapping up all available properties in the economic growth region of Iskandar Malaysia.