(Bloomberg) -- Malaysia said a property measure announced last week that allows foreigners to buy cheaper homes is temporary and applies only to unsold units.
Foreigners can buy high-rise urban properties valued from 600,000 ringgit ($143,318), compared with a minimum price of 1 million ringgit previously, Finance Minister Lim Guan Eng said in his budget speech last week. On Sunday, he said the limit reduction only applies to existing condominium and apartment units that haven't been sold, and is effective only for 2020.
It will not include projects that have not been launched, Lim said in a statement. Malaysia wants to reduce a supply overhang that has ballooned to 8.3 billion ringgit.
To contact the reporter on this story: Anuradha Raghu in Kuala Lumpur at araghu3@bloomberg.net
To contact the editors responsible for this story: Shamim Adam at sadam2@bloomberg.net, Atul Prakash
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