Penang: Affordable, cheaper houses; minimum price for foreign buyers lowered

PENANG (June 11): The state government here is lowering the prices of affordable housing to “between RM15,000 and RM35,000,” FMT reported today.

The same report also said that the authorities here want to “relax the pricing rules for foreigners” who buy property in Penang.

State local government committee chairman Jagdeep Singh Deo (pictured) explained that the state government’s decision “would not affect low-cost and low-cost apartments, which are now priced of RM42,000 and RM72,500 respectively, ”but“ a 10% reduction for other affordable homes priced above RM 72,500 will now apply, ”the news portal reported.

As a result, the price of affordable housing between 150,000 and 300,000 RM on Penang Island could drop from 135,000 to 270,000 RM respectively, according to the report.

As for Seberang Perai, “the ceiling prices would be between 135,000 and 225,000 RM”.

The new ruling would also allow foreigners to purchase apartments at a minimum price of RM800,000 (RM1 million currently) and RM400,000 (RM500,000 currently) on Penang Island and the mainland, respectively.

For land holdings, the minimum price will now be adjusted to RM 1.8 million (on the island, RM 3 million currently) and RM 750,000 (on the mainland, RM 1 million currently).

FMT reported that Jagdeep said the reductions were “reasonable” and that “there must be a balance in trying to resolve the property issue while protecting the interests of local buyers.”

The real estate markets of Penang and the country have been strongly impacted by the Covid-19 pandemic.

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