Business Economics

New price ceilings for foreign property buyers in Penang

One of the projects being developed in Penang.

One of the projects being developed in Penang.

Syndicated News
Written by Syndicated News

GEORGETOWN  — July 5, 2018: Penang has introduced new ceiling prices of properties to be bought by foreigners in a move aimed at overturning the slowdown in the property market.

The limit for the island is RM3 million for a landed property and RM1 million for a stratified unit while on the  mainland, the ceiling for a landed property is RM1 million and for a stratified unit RM500,000.

In addition a foreign buyer has to pay an approval fee of 1.5 per cent of the price to the state government, state executive councillor for housing, town and country planning Jagdeep Singh Deo told a press conference today.

The state has also decided on a new condition for those who intend to sell their newly purchased properties, which is they cannot sell within three years after the purchase. But if they still wish to do so earlier, an approval fee which is two per cent of the selling price must be paid.

But in conjunction with the Malaysia Property Expo 2018 in Penang, the government has agreed to waive the fee for one month beginning July 22 on the request of the Real Estate and Housing Developers’ Association for those who buy a property at the expo.

The three-day Mapex organised by the association will be held at Udini Square, Lebuh Tunku Kudin 3, from July 20. — Bernama

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