Penang to Increase Property Price for Foreigners

"The Penang government hopes to implement a proposal the earliest by June or the latest by July 1 this year," said Lim Guan Eng regarding the increase of the minimum price of landed properties in the state for foreigners. Stating this today at an event held by the Penang Institute, the Chief Minister of Penang stated that the proposal would entail foreign investors being subject to an increase from RM500,000 to RM1 million for properties on mainland Penang (Seberang Perai) and RM2 million for landed properties in the state for foreigners.

Stating this today at an event held by the Penang Institute, the Chief Minister of Penang stated that the proposal would entail foreign investors being subject to an increase from RM500,000 to RM1 million for properties on mainland Penang (Seberang Perai) and RM2 million for properties on mainland Penang (Seberang Perai) and RM2 million for properties on the island itself. However, permanent residents would still be eligible for the current RM500,000 floor price. Reasoning that this move is intended to preserve the best interest of locals, Lim explained, "This restriction will help provide a level playing field since foreigners have the advantage of a higher currency.