Penang exco: State mulls lowering foreign property purchase threshold to RM800,000 for high rise properties | Malay Mail

Penang exco: State mulls lowering foreign property purchase threshold to RM800,000 for high rise propertiesPenang state exco Jagdeep Singh Deo says the number of unsold properties in the state is still manageable and relatively low. ― Pictureby Sayuti Zainudin

“We don't agree with the RM600,000 threshold, I suggest that we lower the threshold to RM800,000 for high rise properties on the island,” he said during a press conference this morning. He added that he will bring up the RM800,000 foreign purchase threshold for high rise units on the island for a period of six months at the state exco.In the recent Budget 2020 announcement, Finance Minister Lim Guan Eng said the foreign purchase threshold for high rise properties in urban areas was reduced from RM1 million to RM600,000 next year to clear up overhang of condominiums amounting to RM8.3 billion in the country.

Jagdeep said the situation on Penang island is different as there is a gap in the prices of properties on the island. “We have 3,916 overhang units in 2017 and it went down to 3,502 units in 2018 which is less compared to the overhang units in Johor, Wilayah Persekutuan and Selangor,” he said.

Source: Real Estate Daily Report (realestatedailyreport.net)

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