Iskandar Waterfront IPO postponed to late-2014 Source: Straits Times | World KUALA LUMPUR - Iskandar Waterfront Holdings, a Malaysian property developer focused on the southern state of Johor, has postponed an up to US$300 million (S$373 million) IPO to the last quarter of next year due to property cooling measures, say two sources. The firm, tasked with developing a metropolis in Johor state, had previously deferred the listing to early next year from an initial target to sell shares in this current quarter. The IPO is a casualty of the Malaysian governments plan to raise real property gains taxes next year and double the minimum price at which foreigners can buy property as it seeks to cool prices. The assets have to be revalued now with the changes in real property gains tax, said one of the sources yesterday. The sources declined to be identified as the matter was private. In its federal Budget tabled last month, Malaysia doubled the tax to 30 per cent for properties disposed within three years of acquisition, 20 per cent for those in the fourth year and 15 per cent in the fifth year. The minimum price of property that may be purchased by foreigners was also doubled from RM500,000 (S$196,000) to RM1 million.
Posted on: Tue, 05 Nov 2013 03:10:34 +0000
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