Approvals
For most housing properties, foreigners are no longer required to obtain Foreign Investment Committee (FIC) approval. Foreign purchasers are still required to obtain approval from Sabah state authorities who will consider factors such as location of the property, the type of property and in new developments the percentage of total units sold owned by foreigners. State consent can often take six months and in some cases longer.
Legal Fees
Sales and purchase agreement are fixed in Malaysia so expect to pay according to the official scale.
Value of Property Rate
1st 150,000 1.0%
next 850,000 o.7%
Stamp Duty
up to 100,000 1%
100,000 - 500,000 2%
over 500,000 3%
Property Gains Tax On Sale
Effective January 2010, there is a 5% real estate capital gains tax payable on any profit upon selling a property. There is an exemption of up to RM10,000 or 10% of the gain whichever is the higher. After 5 years no capital gains tax is payable.
Maintenance and Sinking Fund
My apartment for sale in Kota Kinabalu requires a quarterly payment of RM 823.10 to cover shared services and maintenance cost and a security deposit of RM 2,7000 to be paid to TopMax the developer of Grace Gardens.
Fire Insurance
Topmax have arranged fire insurance for all condominiums at RM 124.20 for 2011
Electricity
Purchaser will be responsible to arrange contract with Profound Heritage for the supply of electricity
Rates
Purchase is responsible for payments to DBKK of RM260.50 every quarter.