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Wan Abdullah says figures won't be as severe as the ABSD in SingaporeTHE man helming the master developer for the Nusajaya flagship zone in Iskandar, Johor, does not believe that an impending property tax hike in the Malaysian state will be as severe as the additional buyers' stamp duty (ABSD) implemented in Singapore.迷你倉Wan Abdullah Wan Ibrahim, managing director and chief executive of Khazanah-backed UEM Sunrise, said this yesterday as he gave an update on the developer's progress in Nusajaya, one of five flagship zones in Iskandar.He noted Johor Chief Minister Mohamed Khaled Nordin's comments in June that taxes on real estate owned by non-Malaysians are expected to be raised by year-end, amid worries of speculation as interest in Iskandar takes off."But I assure you these numbers are not going to be material," said Mr Wan Abdullah, referencing this against the ABSD of 15 per cent levied on foreign buyers of residential property in Singapore.Malaysia's Housing Minister Abdul Rahman Dahlan has recently talked about the possibility of tightening loan ratios and raising the Real Property Gain Tax (RPGT) - a levy of 10-15 per cent of the net profit that homeowners make if they offload their property within five years of purchase.It is true that real estate prices have gone up in Iskandar, Mr Wan Abdullah noted. For example, the average per square foot (psf) price for UEM Sunrise's high-end East Ledang development in Nusajaya jumped 44 per cent from 2011 to RM775 (S$305) psf in July this year. But he said UEM Sunrise will keep prices r儲存sponsible, given its large land bank in Nusajaya."We are not going to 'hit and run'. There's nowhere to run, we are going to be there for the next 50 years. And we are going to make our buyers enjoy their capital appreciation . . . we cannot allow the market to dive down and hit our past purchasers."Mr Wan Abdullah said the higher launch prices at its newer projects were a result of the "new formats, new amenities, new quality structures" for buyers who are demanding more sophisticated and refined products.Profit margins have only been slightly better from the past, he said. "We are not making supernormal profits as a developer . . . just . . . good profits."Even with the increasing prices, Iskandar properties still compare favourably against Singapore real estate prices.Many who bought UEM Sunrise's projects are Singaporeans, who make up 74 per cent of all foreign buyers for its properties in Nusajaya. Others include expatriates working in Singapore who want to buy a property in the region.Mr Wan Abdullah yesterday used this comparison to illustrate the price gap. A three-bedroom unit of around 1,500 square feet at the Marina One project, which UEM Sunrise is managing with Mapletree Investments, is expected to cost around RM11 million.That amount can buy two of its East Ledang villas of around 5,500 sq ft each, complete with swimming pool on a plot of around 10,000 sq ft each, a penthouse at its Teega condominium (also in Nusajaya), and the buyer will "still have enough change" for a round-the-world trip with the family, he said.迷你倉