Foreigners Can Only buy landed properties above RM3 million in Penang island

By The News Team on Mar 17, 2017

GEORGE TOWN, 17 March: Foreigners buying landed properties in Penang island can now only do so if the property is priced above RM3 million.

Penang Housing, Town and Country Planning Committee chairman Jagdeep Singh said the increase in the floor price from RM2 million to RM3 million was to protect the interest of locals.

"The state feels it is justified to raise the minimum price for landed properties in view of the declining value of the Ringgit," he added in a press conference today.

Jagdeep nonetheless pointed out the minimum price for stratified properties remained at RM1 million for foreign purchasers and will not be accepting the suggestion from the Penang Real Estate Housing Developers Association (REHDA) to lower the floor price to RM800,000 for foreigners.

He said the RM1 million floor price for foreign purchasers was also the price set by the Federal Government.

He, however, noted the levy for foreigners purchasing stratified properties in the island was reduced from 3% to 1.5% for properties between RM1 million to RM1.5 million.

"The levy for stratified properties above RM1.5 million remains at 3%," he added.