Kuala Lampur, Oct. 30 -- Putrajaya has yet to come up with a formula or plan to sell unsold luxury residential properties to foreign buyers, the Parliament was told today.

Housing and Local Government Minister Zuraida Kamaruddin told the Lower House during Question Time that currently, each state decides the threshold price for the homes that a foreigner can purchase, which is decided by their respective State Economic Planning Unit (Upen).

"On selling residential properties to foreigners, currently the government still has no plans or formula on how to sell these units to foreigners. The threshold price is decided by the state government and managed by Upen.

"The price that they decided is not based on a comprehensive study. So the mi...