QUOTE(kennen wong @ Sep 20 2011, 10:48 PM)
So, which means if the buyer (Malay) not choose to take the advantage of bumi discount to buy the property, he can then sell the property off under non-bumi title, is that what u r trying to say.....
How can we really check on this by what the buyer (Malay) saying?!
Thanks for all sifus advice ^^
You're gettin yourself confused lol. I'll make a simple example..
Developer ABC launch a project. Consist of lot 1,2,3,4,5,6,7,8,9. And they reserved 6,7,8,9 as bumi reserve lot, which certainly selling lower than 1,2,3,4,5. Maybe calculated like 1-5 rm100,000. While 6-9 rm100,000 - 7% bumi = rm93,000.
- if a non bumi would like to buy the property, he/she can only buy lot 1-5.
- if a bumi would like to buy, he/she can choose from 1-9. But, if he/she choose 1-5, he/she wil pay rm100,000. If he/she choose 6-9, she pay rm93,000. And for lot 6-9, a special bumi stamped will be seen on the title once obtain.
Developer CDE launch project. Lot 1,2,3,4,5,6,7,8,9. But there is no bumi reserved lot. Price at rm100,000.
- if non bumi buy, rm100,000 for lot 1-9.
- if bumi buy, and entitle for 5-10% discount for lot 1-9. Depends on which lot he/she choose. vary from developer. But, the unit won't have any special stamped stated it is bumi reserved lot.
- however, due to Malaysia law, there is some developer applied bumi quota instead of a fixed bumi reserved lot. Bumi quota of 10% we assumed. Total 9 units, so is 0.9 after 10% applied. We round it up to 1. So, by the end of the day, it is compulsory that 1 unit must be own by bumi. Assumed he/she is the last bumi vendor, and if unfortunately that the bumi vendor wanted to sell his/her lot even there is no special stamped or indication of bumi reserved, he/she couldn't sell to non bumi. Or he/she could just wait for a new bumi buyer to buy his/her unit, or other non-bumi unit then only he/she can sell peacefully. I think this only apply when the property is still under master title. I'm not sure whether if the individual/strata title has been obtain, the quota will still apply or not.
Correct me if I'm wrong. Learning in process
Keyword here is ' bumi reserved lot' and 'bumi discount'.This post has been edited by clanzkiller: Sep 21 2011, 12:44 AM