If you would like to own a luxury condo in Malaysia you must be extraordinary wealthy most especially the ones in Kuala Lumpur. Everybody already knows that buying a house is a lifetime commitment. In fact, this is one of the most crucial decisions we must make because it deals with deep thinking before we can make up our minds aside from marriage and giving birth to children and so on.
Base on the information we get from the property market, sometimes we can get confused about what type of property we should go for. Sometimes we need to consult the real estate experts before we can make up our mind because it is a lifetime decision.
People who own a condo on lease are very wealthy people not to talk of getting freehold condo. You must have a lot in your account before you can make up your mind because it involves money not only when buying but also maintenance requires money most especially the condo with many facilities like pool, game centers and so on.
Freehold property in Malaysia is when a plot of land is set aside by the state for disposal to the individual. This is observable when developers build freehold properties such as private condominiums like a condo in Malaysia for instance, freehold bungalows, and any individual owning apartment
As the developer gets a land from the state, any property built on it will be transferred to the buyer upon completion in as much it is a landed residential property such as terrace building, bungalows and so on. This name of the buy will be in the form of the master title.
As for the condominium or any other high rise residential building, the buyer will own a share in the condo per unit but the developer will still be the landowner and the owner will be distributed through Strata title by the developer.
Please note that unlike the leasehold property, only the town planners and environmental agencies permits in freehold property development. According to the land acquisition act 1960, the freehold land can be taken by the state if it is for public proposals like economic development projects MRT project or any other project that benefit the public interest.
For instance, a land was used for Ampang Park shopping center and the Federal Government acquired it for MRT project. Whenever the kind of acquisition occurs the owner will be paid the market value of the property as a compensation for acquisition.
Freehold property also has its own part of welfare. Owners experience just little challenge on its own side, in case they would like to transfer their ownership to someone else. Owners also have the legal right to subdivide their land and distribute the land, if granted by the planning control agencies.
However, if a development is not taken place on a freehold land, land cannot be claimed by the owner by the state. This means one does not have to stick with a particular timetable.
Now you can see what it takes to own a freehold property especially the freehold condominium. Therefore it is now left for you to make up your mind in getting a freehold property.