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 Bumi lots, Subsale to non-bumis allowed?

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michaellee
post Apr 22 2011, 02:17 PM

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QUOTE(shindenv @ Apr 22 2011, 12:00 PM)
Not worth it... just look for other non-bumi lot if you are non-bumi else it will be like renting the property as it'll be very hard for you to sell it off later if you need to.
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I don't think this advice is correct. Whether it is worth the hassle varies from individual. Personally, I would think it is worth it as I have been buying bumi lots. It does take quite a bit of time to get the approval but so far it has been 100% success rate. The prices given normally are around 20-30% below market rate, so personally, I believe it is worth the hassle.

Once the bumi lot is transferred to a non-bumi, then the lot becomes international and the next person can still sell to non-bumis. However, if the non-bumi sells to another bumi down the track, then it automatically converts itself back to bumi lot.
michaellee
post Jan 8 2012, 04:58 PM

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QUOTE(Neubie @ Dec 31 2011, 08:06 PM)
Hello, your reply has tweaked my curiousity. How long before you get approval? What kind of restrictions if any are placed on the converted property? What kind of difficulties did you face in getting the approval for the transfer/conversion to international? Appreciate you reply.
Happy Safe and Prosperous New Year 2012 to you.
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You need MB's approval for the conversion. There is no restriction on the converted properties. Factually, there is NOT even a single law in the National Land Code regarding bumi properties. A lot of us gets confused with Malay reserve and Bumi lot. Two entirely different things. For developers, they need to reserve an X percentage of properties for bumis but however, if all non bumi lots are sold and bumi lots are available, they can seek to open the bumi lots to sell them to non bumi lots. I have personally not done any conversion by myself per se but has gone through a runner who has given me 100% approval to date.


Added on January 8, 2012, 5:00 pm
QUOTE(jalsrix @ Dec 31 2011, 10:11 PM)
Land office always tell me that it is next to impossible for this to happen. Mind telling me how you can make it work ?

The laws are made not to be circumvented, they are trying to protect the bumi properties from falling into non bumi hands.
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The land office you mentioned must be one hell of a confused puppy. You ask them to quote the exact section, clause in the National Land Code regarding bumi lots. There just isn't any clauses. They are confused between Malay reserve and bumi lots which are two different things.

This post has been edited by michaellee: Jan 8 2012, 05:00 PM

 

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