Price Cap for Foreigners Remains at RM1mil

March 16, 2017

 

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:

1. Tropicana Bay Residences

2. Alila 2 , Tanjung Bungah

3. Hilir 37, Balik Pulau

Image sourced from FMT

 

Radin Ghazali, Content Writer at PropertyGuru, edited this story. To contact her about this or other stories email radin@propertyguru.com.my

 

For more information on new homes, check out PropertyGuru’s New Property Launches and Project Reviews.

POST COMMENT

You may also like these articles

Bringing Affordability Back to Penang

  By Radin Ghazali Penang, an idyllic island that freezes in time? Perhaps such description can be seen as stale and an understatement to what Penang truly is now. The evanescent island cit

Continue ReadingFebruary 2, 2017

Penang Low-Cost Homes Are Out of Reach

  Many people have recently complained, especially those from lower-middle class, that they were not allowed to buy an affordable house in Penang as their incomes made them ineligible, accordi

Continue ReadingFebruary 28, 2017

Saving Penang’s Tangible History

  By Radin Ghazali   The island that flourishes on the nature of historical landmarks and landscape. This thriving island has all to thank to its heritage, what has become the backd

Continue ReadingMarch 15, 2017

Feedback