Property is non-movable piece of land or/and a building sitting on it. In Malaysia, there are three types of land titles namely, freehold, leasehold and Bumiputra reserve. Freehold property has “interest in perpetuity”; meaning that you can own the property forever. The right of ownership can also be passed to your heirs. The price of the similar type of free hold property at the same location is about 10-15% higher than leasehold property.
Leasehold property has a limited duration of lease, usually 99 years, but can be 60 years or even less, depending on the location. Owners of leasehold properties usually need to obtain consent from the land office before it can be transferred, sold or charged to another person or institution, whereas no such consent need to be obtained for freehold properties. However, there are rare cases where it is vice- versa, meaning that there are certain properties whereby consent is required for freehold properties whereas no such consent is required for certain leasehold properties. But such cases, as mentioned, are very rare.
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