20190426 (Fri) Can foreigners buy into commercial properties in Sarawak?

20190426 (Fri)

Can foreigners buy into commercial properties in Sarawak?

This is a tricky question. Now, by Section 13E of the Sarawak Land Code, foreigner who are not Malaysian can acquire 3 types of properties (land included):

1. Land designed as special development area.
2. Strata properties by Strata Ordinance 1995 or 1974.
3. Residential landed properties above RM300,000 (Kuching is RM350,000) – now MM2H SWK put it as RM600,000 for Kuching area and other parts of Sarawak at RM500,000.

Recent change to the threshold is here.

Hence, a foreigner can only acquire:

1. Commercial property within the designated Special Development Area (SDA). This includes multi-storey shop complexes or 3 to 4 storey shop houses, commercial malls.
2. Strata Shops and Strata Retail space in Malls

Of course, there are other designated areas which by S.13E foreigners are allowed to invest subject to approval by Majlis Mesyuarat Kerajaan Negeri:

1. It would be of economic benefit or an advantage to the State; or
2. It would encourage or facilitate foreign investment into the State,

For purposes:

1. holiday resort or such promoting tourism
2. recreational centre
3. high-rise commercial complexes
4. Industrial estates
5. special residential area for foreign accommodation
6. development fostering Regional Corridors Development Authorities Ordinance, 2006.

Nevertheless, these Special Development Areas are to be published in the Gazatte.

Ref:

S.13E Sarawak Land Code (Chap 81).