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Penang exco to discuss price threshold for foreign property buyers

October 20th, 2019 Leave a comment

jagdeep-foriegn-buyersThe Penang government will hold a discussion on the Federal Government’s proposal of reducing the minimum threshold for foreign property purchases to RM600,000.

State Local Government, Housing, Town and Country Planning Committee chairman Jagdeep Singh Deo said the state executive councillors would discuss the issue before making a formal announcement.

“Let us discuss whether to adopt it or not.

“According to the Housing and Local Government Minister Zuraida Kamaruddin, all the states are allowed to set their respective threshold,” he told a press conference at Komtar today.

Also present were Chief Minister Chow Kon Yeow and other state executive councillors.

Finance Minister Lim Guan Eng had in Budget 2020 stated that the move to lower the threshold for foreigners to buy apartments and condominiums from RM1 million to RM600,000 was to address overhang issues.

Jagdeep added that foreigners could get to buy stratified properties above RM500,000 and landed properties above RM1 million on mainland.

“The current threshold for stratified properties on mainland is even lower than RM600,000 threshold set by the Federal Government,” he said.

Source: Buletin Mutiara

 

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  1. Internation
    October 21st, 2019 at 11:16 | #1

    Don’t simply let people have the impressions of only siding with the developers or some stake-holders. Beware of infiltration of those thugs or low mentality creatures from Hong Kong also.

  2. Gabriel
    October 21st, 2019 at 11:33 | #2

    Why so much hate for Hong Kong people?
    They will help us win future general election here in Malaysia. We need them to come and become permanent resident.

  3. edisongan
    October 22nd, 2019 at 18:33 | #3

    @Gabriel
    You need them to be here to create social disharmony and racial issues while they are the most selfish kind of people i have seen in my life throughout my 6 years stay in HK now..

    You need them to be fighters here? hahahah

  4. ryu
    October 22nd, 2019 at 23:53 | #4

    @edisongan, you want the government to feed more locals or prefer rich foreigners to invest here without feeding? Too many low-cost flats in Penang island will spoil the image of a city and also chase away the potential investors. We want more good quality and luxury buildings in the prime area to attract more foreigners to invest here.

  5. tahusamatahu
    October 23rd, 2019 at 04:12 | #5

    @edisongan
    I agree with you that most Hong Kong people are selfish and even with such very self-centered/arrogant sort of character….and yet they are very ignorant !

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