The Urban Wellbeing, Housing and Local Government Ministry hoped the government of Penang will respect the RM1 million price ceiling set up by the federal government for houses sold to foreigners, reported Bernama.
As such, the ministry will not support the developers’ proposal to reduce the ceiling price of Penang houses for foreign buyers.
“They have to seek the consent of the ministry if they want to reduce the prices of houses (for sale to foreigners) to RM800,000. The Housing Act requires seeking the approval of the ministry to alter house prices,” said Minister Noh Omar, noting that the ministry is yet to receive the proposal for reduction of the ceiling price from the state government.
“However, I will give my support if they want to reduce the prices of houses for sale to Malaysians.”
The DAP-led Penang government had earlier revealed that no final decision had been made on the developers’ application to lower the ceiling price of residential properties for foreign nationals.
Jagdeep Singh Deo, chairman of the State Housing, Town and Country Planning Committee, reportedly said that the ceiling price for landed property was RM2 million and RM1 million for stratified houses.
People will continuously buy properties in Penang, regardless the price cap.Plus, foreign investors here are those armed with the cash and this help property transaction faster especially for the sellers. Among the hot properties in Penang are:
Image sourced from FMT
Radin Ghazali, Content Writer at PropertyGuru, edited this story. To contact her about this or other stories email firstname.lastname@example.org