Kuala Lumpur, Malaysia announced Wednesday a new move to encourage foreign investors to buy high-end residential properties in this country.

Effective from Thursday, foreign nationals will be allowed to buy residential properties worth more than 250,000 ringgit ($69,444) per unit, without needing approval from the foreign investment committee of the economic planning unit in the prime minister's department.

In addition, the condition of usage and the limit of units to be purchased will not be imposed, the prime minister's office said in a statement.

The new step is aimed at encouraging foreign investors to buy residential units in the high-end category in Malaysia. The move is expected to bring about positive changes to the property and construction sectors.

"The government always seeks initiatives to reduce bureaucracy and to generate economic growth," it said.