Friday April 20, 2012
Penang to raise price cap for foreigners
By HAN KAR KAY
hankk@thestar.com.my
GEORGE TOWN: The Penang Government has proposed to raise the cap for foreign purchases on all properties in the state.
Chief Minister Lim Guan Eng said the current limit of RM500,000 would be raised to RM1mil, except for landed properties on the island that would be raised to RM2mil.
He added that the RM500,000 imposed on permanent residents would be retained.
Lim said this is to give locals priority to purchase cheaper properties, and to stop speculation.
"The state hopes to implement the new ruling by June or July. There will be exceptions and avenues for appeal which must be submitted to the state government on a case-by-case basis.
"We are willing to listen to the Federal Government's objections, and at the same time, get feedback from and opinions from non-governmental organisations, property developers, foreigners and the public," he told reporters yesterday.
Lim said the state was the first to come up with such a proposal.
Real Estate and Housing Developers' Association (Penang) chairman Datuk Jerry Chan when contacted said the proposal was a drastic move but good as it would protect local interests.
On April 14, StarBiz reported that the Government was considering raising the minimum floor prices of houses foreigners are allowed to buy to RM1mil.
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