THE Penang government will hold a discussion on the Federal Government’s proposal of reducing the minimum threshold for foreign property purchases to RM600,000.
State Local Government, Housing, Town and Country Planning Committee chairman Jagdeep Singh Deo said the state executive councillors would discuss the issue before making a formal announcement.
“Let us discuss whether to adopt it or not.
“According to the Housing and Local Government Minister Zuraida Kamaruddin, all the states are allowed to set their respective threshold,” he told a press conference at Komtar today.
Also present were Chief Minister Chow Kon Yeow and other state executive councillors.
Finance Minister Lim Guan Eng had in Budget 2020 stated that the move to lower the threshold for foreigners to buy apartments and condominiums from RM1 million to RM600,000 was to address overhang issues.
Jagdeep added that foreigners could get to buy stratified properties above RM500,000 and landed properties above RM1 million on mainland.
“The current threshold for stratified properties on mainland is even lower than RM600,000 threshold set by the Federal Government,” he said.
Story by Edmund Lee
Pix by Law Suun Ting
Video by Chan Kok Kuan