may i know if i buy a 'bumi lot' freehold project by Sp Setia in Johor ( i don't know whether it is by the bumi quota or bumi lot definition), but the sales told me it has been released after Developer got the approval and so they can sell to me (non-bumi). So does it mean it is a bumi quota ?
my question is: will i have problem to resell this unit to foreigner in the secondary market or i can only sell it back to bumi only? or to malaysian only? and if can, any extra process /approval needed?
thanks
QUOTE(cheahcw2003 @ Apr 29 2010, 12:20 PM)
you need to distinguse the bumi lot and bumi quota. for all development, usually a number of units need to be allocated for bumi buyers, the % could be ranged from 30%-50%. This is call BUMI QUOTA.
For LH property, it is the lease land that developer "lease" from the state government to build houses, so the actual owner of the land belongs to the government, so when it comes to the bumi quota, once a bumi buy the unit under LH, the land office will be stamp the land title as "bumi lot", so if any transfer of names/ sales, need to get the land owner's consent which is the land office. On normal circumstances, transfer of name from a bumi to non bumi is not allowed, except for the following reasons:-
a) the bumi owner of the prop go bankrupt, the bank/court need to force sell the prop for cash to settle debt, then the court may order to sell to anyone.
b) the bumi owner of the land migrates and need to sell in a hurry
c) the said development already have adequate bumi owners then land office may use their descretion to approve the sales to non bumi.
For the case of FH property, the developer sell the property + land to the house buyer, so the house buyer own the land + house. So even u r a bumi purchaser, since u r the land owner, u can sell to bumi/non bumi, since u r the owner of the land, and land office consent is not required.
When the developer sell the 30% of allocation to bumi, then the quota is considered fulfilled and they will not care on the subsales from bumi to non bumi or vice versa.
For LH property, it is the lease land that developer "lease" from the state government to build houses, so the actual owner of the land belongs to the government, so when it comes to the bumi quota, once a bumi buy the unit under LH, the land office will be stamp the land title as "bumi lot", so if any transfer of names/ sales, need to get the land owner's consent which is the land office. On normal circumstances, transfer of name from a bumi to non bumi is not allowed, except for the following reasons:-
a) the bumi owner of the prop go bankrupt, the bank/court need to force sell the prop for cash to settle debt, then the court may order to sell to anyone.
b) the bumi owner of the land migrates and need to sell in a hurry
c) the said development already have adequate bumi owners then land office may use their descretion to approve the sales to non bumi.
For the case of FH property, the developer sell the property + land to the house buyer, so the house buyer own the land + house. So even u r a bumi purchaser, since u r the land owner, u can sell to bumi/non bumi, since u r the owner of the land, and land office consent is not required.
When the developer sell the 30% of allocation to bumi, then the quota is considered fulfilled and they will not care on the subsales from bumi to non bumi or vice versa.
Dec 17 2012, 12:52 PM

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