Forest City: Govt considering to reduce ownership quota for foreigners

Irwan Shafrizan Ismail

PUTRAJAYA: There has yet to be a decision on reducing foreign ownership quota with regard to the Forest City project but discussion on the matter is heading in that direction.

Housing and Local Government Minister Zuraida Kamaruddin said the move would provide more opportunities for locals to buy properties in Forest City.

She said the ministry would meet the Johor state government and the Forest City project management soon, including meeting the local real estate developers to get their input on ownership policy involving foreigners.

"For now, our key concern regarding this project is the government policy allowing 70 per cent ownership by foreigners. I feel this issue needs to be studied and reviewed to ensure our people's rights are not sidelined.

"We need to get feedback from all quarters so that we can put together a report for the Cabinet and the prime minister in our effort to move forward.

"So far, we have tabled the initial report before the cabinet on Wednesday, which relates to the project facts including the project size, status on development that has been completed and still ongoing.

"Many need to be updated in the report as we seek ways to resolve arising issues," she said.

Zuraida said this after the National Local Government Council meeting chaired by Deputy Prime Minister Datuk Seri Dr Wan Azizah Wan Ismail today.

Zuraida said the ministry would also consider imposing stricter laws relating to the Malaysia My Second Home programme.

"This is being discussed by the cabinet and it includes getting the Home Ministry to be strict in giving approvals for the said programme including visa approval," she said, adding that there was no such thing as buying a home means getting a visa. © New Straits Times Press (M) Bhd