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Ceiling price reduced for foreign home buyers

June 12th, 2020 Leave a comment

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Penang has reduced its minimum price threshold for foreign property ownership by up to 40% to clear RM2.6bil worth of overhang units in the state.

Penang local government, housing, town and country planning committee chairman Jagdeep Singh Deo said the revised pricing was valid for one year starting yesterday.

“For stratified properties, ceiling prices will be reduced from RM1mil to RM800,000 on the island and from RM500,000 to RM400,000 on the mainland through a 20% reduction.

“Ceiling prices for landed properties on the island will be reduced from RM3mil to RM1.8mil, a reduction of 40% and from RM1mil to RM750,000 on the mainland, a reduction of 25%.

“The decision to reduce the ceiling price of unsold properties in Penang was to clear the remaining 3,043 overhang units worth RM2.6bil and to assist the property market affected by the Covid-19 pandemic,” he said at Komtar yesterday.

An overhang unit is defined as a residential unit that is unsold for more than nine months after receiving the Certificate of Completion and Compliance (CCC).

Source: TheStar.com.my

 

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  1. kpkb
    June 14th, 2020 at 11:26 | #1

    The highest % reduction in ceiling price is Penang Island landed properties at 40%?????? What logic does that make??? Have we not been told again and again by “property experts” that there is no over supply in landed properties on the island? And that land is very scarce on the island? And that the price for landed properties are holding up well?

    And now we have state gov formulating policies to “hard sell” landed properties on the island to FOREIGNERS?????????? Or is our state gov colluding with developers again to set the stage to enrich certain people????Everything will be clear soon. Just wait and see. Hahaha.

  2. edisongan
    June 15th, 2020 at 11:06 | #2

    Bayan Lepas and Batu Ferringhi have got too many landed properties unable to sell off.

  3. joe
    June 18th, 2020 at 19:47 | #3

    this penang government..sympathizes and want to make to-be-pigs fatter (developers). in turn the property prices increases eventhough there is so-so demand for high value property while affordable housing is high in demand. penangites will suffer in the long run..

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