The property sector has witnessed a slew of groundbreaking developments last year, which had placed the sector on a more competitive footing going forward, especially in terms of government policies. For instance, in the residential sector, foreigners are now allowed to buy properties costing above RM250,000 without Foreign Investment Committee (FIC) approval and they benefit from the exemption of real property gains tax (RPGT). Moreover, the authorities allowed the set up of one-stop centres to streamline procedures to hasten approval process.
(4-2-2008 The Star)
