How come my teacher friend from Penang can buy a single storey semi-detached landed house leasehold 60 years @RM450,000 in Kuching?
Although non-Sarawakian (foreigner and not permanent resident) are prohibited to hold any land (estate, interest or right in any land) – as in S.13A, B & C Sarawak Land Code, there is some space for property ownership.
A Foreigner (West Msian or Sabahan or even an Indian Expatriate Doctor) can own property as provided below, some without State Authority approval and some requires State Authority approval (Majlis Mesyuarat Kerajaan Negeri) based on the type of land, interest, restriction and rights therein. There are limitation as to the quantum of price of the land.
In Sarawak Land Code S.13E (2):
(2) Notwithstanding anything to the contrary in this Code or other written law relating to land, a foreign person, foreign company, foreign corporation or other foreign body may acquire an estate, interest or right in –
(a) Any land with a Special Development (Exemption from Prohibition of Foreign Interests) Area;
(b) Any of the individual parcels within a building which has been sub-divided pursuant to the Strata Titles Ordinance, 1995, or the former Strata Titles Ordinance, 1974; and
(c) Any land with a building thereon for residential purpose and the market value of such land and building is not less than such amount as may be determined by the Minister by a direction* published in the Gazatte.
[Sub Cap A29; Cap A61; Am Cap A136]
*Not less than RM300,000 see Swk LN114/98.
Note that pursuant to the direction published in the Gazette on 21 August 2013 titled “The Land (Market Value of Property for Foreign Acquisition) (Amendment) Direction, 2013” made under section 13E(2)(c) of the Sarawak Land Code, the current prescribed amount under subsection (c) above shall be RM300,000.00 (throughout the state of Sarawak), except for Kuching Division where the market value concerned shall not be less than RM350,000.00.
Based on MM2H, the property ownership of foreigner investing into Sarawak has been increased to RM600,000 in Kuching and RM500,000 for other major townships in Sarawak. See announcement here under foreign ownership of property under S-MM2H.
Updates on S-MM2H and SBH-MM2H with video here.