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Guide for Foreign Property Investor in Malaysia Property Terminology of Malaysia Properties in Malaysia can be: 1. Freehold Properties - land ownership held in perpetuity 2. Leasehold Properties – land owned by State Government for a term of usually of 99 years. Renewal of leases is usually accepted with payment of premium to the State Government. Property Titles: Property ‘title’ usually refers to property ownership rights. Malaysia operates under the ‘ Torrens Titl e System" of land registration, which is common amongst most Commonwealth Nations. In Malaysia, one typically needs to be aware of three types of titles: Master Title, Strata Title, and Individual Title. A Master Title usually refers to the ‘top-level’ title held by a property developer, which a ords the developer full control and rights over the land they own. Typically you’ll nd references to the Master Title when new properties are being constructed before Individual or Strata Titles are granted. A Strata Title is usually granted to a property owner who buys a property in a shared building or non-landed property. So, for example, owners of Condominiums usually have Strata Titles. An Individual Title is similar to a Strata Title, but it typically refers to landed properties like houses, bungalows, semi-detached houses and so forth - where the property owner has a discrete piece of land, usually below the property. As a rule of thumb, typically landed properties have an Individual Title, and nonlanded properties tend to have Strata Title. Although, some landed properties (speci cally in gated and guarded developments) may have Strata Titles. www.richland.com.my
Guide for Foreign Property Investor in Malaysia There are two main methods for buy property in Malaysia: 1. Buying New Launch Properties 2. Buying Sub-Sale Properties. 1. Buying New Launch Properties ‘New launch’ properties are under construction properties that are sold directly by the property developer, often “o -plan,”i.e, before they are completed. When you buy a new property, you typically pay for the property in ‘installments’ based on pre-agreed milestones. This is generally standardized, and developers usually use the installment money to fund the construction. Depending on the stage of the development, the payment that needs to be made to the developer depends on the stage of the construction’s completion. 1. Signing of SPA usually 1 10% of the purchase price. 2. Various completion stages of the development 3. Vacant Possession/upon completion 4. Submission for subdivision of building 5. Final payments. Purchase of Under Construction Property For under construction “o -plan” property, a purchaser will deal directly with the developer. The payment made by you or your banker (if your property is being nanced) will be in stages according to the development progress of the property. All residential property developments in Malaysia are subject to The Housing Development (Control & Licensing) Act 2002, and the Strata Titles Act. st The payments are broken down into 5 main phases. They are the: www.richland.com.my
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