Foreign property buyers can look forward to clinching lower priced homes as Penang has lowered the ceiling price for overhang properties within the state by 20% to 40%.
The offer, which would be good for one year, is in line with the reintroduction of the Home Ownership Campaign this year.
“(Within this one-year period) the ceiling price for landed properties on the island has been reduced by 40% from RM3 million to RM1.8 million, whereas the landed properties on the mainland has been dropped by 25% from RM1 million to RM750,000,” Bernama quoted Penang State Housing, Local Government and Town and Country Planning Committee Chairman Jagdeep Singh Deo.
He revealed that the ceiling price for stratified properties on the mainland and the island was also reduced by 20%, bringing them to RM400,000 and RM800,000, respectively, reported Bernama.
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“This would help property developers to clear up the existing overhang stock, as well as to help boost our standstill economy during the Covid-19 pandemic.”
Compared to other states. the property overhang situation in Penang is under control, said Jagdeep.
In fact, the overhang units within the state dropped 22.3% since 2019, compared to Johor, Perak and Selangor which saw overhang units increase 24.9%, 116.1% and 30.5%, respectively.
Currently, Penang has 3,043 overhang units, which are valued at around RM2.6 billion, said Jagdeep.
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