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SG Malaysia cooling halts developer IPO

Property Here - Wednesday, November 06, 2013

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Malaysia’s recent property market cooling measures – including raising the minimum price for foreign buyers to RM1 million and the introduction of a property gains tax - has forced one developer to delay its planned Initial Public Offering (IPO).

Iskandar Waterfront Holdings has postponed its IPO until the last quarter of 2014, Malaysian media reported citing unidentified sources.

This is the second time that the company – the government-linked master developer of 4,000 acres of prime waterfront land in Johor Bahru, Malaysia – has delayed its IPO.

"The assets have to be revalued now with the changes in real property gains tax," said one of the sources.