Kota Damansara is one of my rental property hotspots, especially for walk-up apartment / flat below RM150K. The only problem I facing there is the bumi lot issue. Most of the properties in the area I’m targeting for are bumi lot. Sigh…
According to the developer, Perbadanan Kemajuan Negeri Selangor (PKNS), about 70% of the houses are under bumiputera quota.
“Harta ini hendaklah dijual kepada pembeli perseorangan dan warganegara Malaysia sahaja. Harta ini dijual atas kuota bumiputera.”
Above is the reply I always get from PKNS when enquiry for the property status. Based on the statement, lawyer has advised me that when the strata title is issued, I might be in trouble to get approval to transfer the title under my name.
I was planning to buy it for long-term investment, since that is the case, I have to let go the deal because not worth to take the risk.
I need an experienced lawyer in handling PKNS properties and bumi lot houses, any recommendation?