UEM Land: No adverse impact from taxes on foreign buyers in Johor

UEM Land: No adverse impact from taxes on foreign buyers in Johor
By Eugene Mahalingam

KUALA LUMPUR: UEM Land Bhd does not expect an adverse impact on foreign buyers if a higher tax is imposed on their properties in Johor.

UEM Land managing director and CEO Datuk Wan Abdullah Wan Ibrahim said: "The effect won't be adverse. The Johor Government has every right to do so. Other countries also impose taxes on foreign buyers."

To recap, StarBiz had reported the Johor state government intended to impose higher tax rates for about 130,000 foreigners who own property in Johor, and that the new rates would be imposed by end-2013.

To this end, a property reevaluation exercise would also be conducted state-wide as the last formal evaluation was done in the 1980s. The state government stated that only higher-end properties would experience a hike in property taxes, whilst lower priced properties will not see a tax increase.

Speaking to reporters after its AGM on Wednesday, he also said UEM Land was eyeing more projects overseas.

UEM Land's local land bank currently stands at 10,600 acres, in and outside Nusajaya. The unbilled sales as of the first quarter ended March 31, 2013 were RM3.5bil

Wan Abdullah said the group also had land in Canada and South Africa. UEM Land was looking at potential projects in India, Indonesia and Australia.

At the AGM, shareholders approved the decision to change UEM Land Holdings Bhd's name to UEM Sunrise Bhd.