QUOTE(michaellee @ May 30 2012, 11:59 PM)
OK. I think a lot of people do not understand the differences between Malay Reserve and Bumi lot. These are two distinctly different types of properties.
Malay Reserve land is actually provided for under the National Land Code. These land are specifically for MALAYS, not bumiputera as there are many types of bumis in Malaysia. Once a land is gazetted as Malay Reserve, then it is virtually impossible to convert to an "international" title UNLESS a similar piece of land (international lot) with similar value can be provided for in exchange to convert this land to unrestricted (this is provided for under NLC). Malay Reserve land has too many restriction and hence is very reduced in value. The best example as shown by TS is Kampung Baru where if it has been international, it would be a massive gold mine. Development built on Malay Reserve can only be sold to Malay and hence it might be difficult to garner any impressive values. In future these properties can only be sold to Malay. With so much restriction, it is very often that most people are reluctant to develop Malay Reserve land. I have done it once before and completely failed at Exco level 3 times even though I personally appeal the entire Exco and MB. Apparently it was a lot easier done more than 10 years ago than it is now.
Bumi lot is NOT provided for under National Land Code. There is no specific section in dealing with it. That's why I find it interesting that a land title can be chopped Bumiputera Lot but yet can easily be converted to non-bumi as long as MB signs the approval. In order to convert to non-bumi, you need to advertise in the newspaper for no less than 3 times within 3 months and that there is no interested parties EVEN at a reduced price. Conversion can be done at land office but seriously, I have never attempted to do it myself. I normally used a runner and so far it has been 100% foolproof. The fastest approval is 3 months to my longest is 18 months. My rate of success so far is 100% and I have done over 30 conversions. So I believe conversion should be easy and on hand I am still waiting for approval for 2 properties purchased in March 2012. Do not ask me for my contact for lawyers or runners as they prefer to do business with people there are familiar with. My apologies.
Thanks for this valuable information. Malay Reserve land is actually provided for under the National Land Code. These land are specifically for MALAYS, not bumiputera as there are many types of bumis in Malaysia. Once a land is gazetted as Malay Reserve, then it is virtually impossible to convert to an "international" title UNLESS a similar piece of land (international lot) with similar value can be provided for in exchange to convert this land to unrestricted (this is provided for under NLC). Malay Reserve land has too many restriction and hence is very reduced in value. The best example as shown by TS is Kampung Baru where if it has been international, it would be a massive gold mine. Development built on Malay Reserve can only be sold to Malay and hence it might be difficult to garner any impressive values. In future these properties can only be sold to Malay. With so much restriction, it is very often that most people are reluctant to develop Malay Reserve land. I have done it once before and completely failed at Exco level 3 times even though I personally appeal the entire Exco and MB. Apparently it was a lot easier done more than 10 years ago than it is now.
Bumi lot is NOT provided for under National Land Code. There is no specific section in dealing with it. That's why I find it interesting that a land title can be chopped Bumiputera Lot but yet can easily be converted to non-bumi as long as MB signs the approval. In order to convert to non-bumi, you need to advertise in the newspaper for no less than 3 times within 3 months and that there is no interested parties EVEN at a reduced price. Conversion can be done at land office but seriously, I have never attempted to do it myself. I normally used a runner and so far it has been 100% foolproof. The fastest approval is 3 months to my longest is 18 months. My rate of success so far is 100% and I have done over 30 conversions. So I believe conversion should be easy and on hand I am still waiting for approval for 2 properties purchased in March 2012. Do not ask me for my contact for lawyers or runners as they prefer to do business with people there are familiar with. My apologies.
I am dealing with one bumi lot now. The Malay bought the house form Chinese owner 4 year ago. Do you think chances is high to buy successful buy this?
Jul 5 2012, 04:40 PM

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