Strong increase in the number of applications for Malaysia My Second Home–Sarawak
MIRI (October 22): A drastic increase in the number of applications for the Malaysia My Second Home–Sarawak (MM2H-S) program shows that the program is successful in attracting more foreigners to come to Sarawak, said the Deputy Minister of Tourism and Creative Industry and Performing Arts I Datuk Sebastian Ting.
Ting revealed that 281 applications were received from foreigners from January to September this year, compared to 66 applications in 2020.
Among them, those from the United States (USA), Hong Kong and the United Kingdom constituted the largest number of applicants, followed by applicants from Singapore, Japan, China, Australia, France and South Korea. South. There were also entries from other countries such as Canada, the Netherlands, Taiwan, New Zealand, Indonesia, Italy, Iran, Austria and Denmark.
“In fact, comparing the numbers to previous years, going all the way back to 2007, the highest claims recorded were 224 in 2019, but this year the number had surpassed everything,” he said during a press conference after the launch of the Miri 2022 Sheda Home & Property roadshow at Bintang Megamall yesterday.
Factors contributing to the influx, he explained, are the lower fixed deposit requirement of RM150,000 (for an individual) and RM300,000 (for a couple); compared to RM1,000,000 required by MM2H in Peninsular Malaysia.
“Another advantage of our program is that MM2H-S pass holders can live anywhere in Malaysia (Peninsular Malaysia, Sarawak or Sabah), with the requirement that they must have a minimum stay of 15 days per year in Sarawak.”
That said, Ting stressed the need for local developers to build more housing to meet market needs given the growing number of MM2H-S applications.
“MM2H-S pass holders are permitted to purchase a residential house in Sarawak at a minimum price of RM600,000 per unit (for Kuching) and RM500,000 per unit for other divisions.
“Units priced below those that are strictly prohibited and reserved for locals only,” he added.
Ting also highlighted the need to build more affordable housing to meet the needs of the B40 and M40 groups, which was one of the concerns of Sarawak Prime Minister Datuk Pinggi Tan Sri Abang Johari Tun Openg in launching the scheme. Housing Depot Assistance (HDAS) and looking to build more homes statewide to benefit groups.
Also present at the launch were Sarawak Housing and Real Estate Developers Association (Sheda) President James Hii, Councilor Dr Vincent Huang representing Pujut Mayor Adam Yii, Managing Director of Mutiara Mortgage and Credit Sdn Bhd Shaharony Mat Nor and organizing chairman Chris Chan.