Sep 13 2012, 02:11 PM
QUOTE(mercury8400 @ Aug 25 2012, 08:31 PM)
Bloody hell!
If like dat, a bumi guy buys 20 lots of bumi property (with 7-10% discounts) and then, upon completion, write in to convert all his bumi lot into non-bumi (along with making noises and bringing it up to the ministers) he can then "flip" his property for a massive profit!
What a stupid rule!
Bro,If like dat, a bumi guy buys 20 lots of bumi property (with 7-10% discounts) and then, upon completion, write in to convert all his bumi lot into non-bumi (along with making noises and bringing it up to the ministers) he can then "flip" his property for a massive profit!
What a stupid rule!
I don't think that's particularly plausible.
1. Legal fees involved
2. Bumi units are often developer designated. That usually means "undesirable" units.
3. Gearing / load ratio. Bank's are looking at below 50% to 70% loan to income ratio.
4. If bumi purchaser used as a proxy for immediate purchase, then the 2X legal fees does apply.
Despite the 30% bumi quota, quite a number of developments still have the majority of the quota unsold upon project completion. The developer would then release it to the public as non-bumi units after paying the contribution.
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