Penang announces cheaper homes, drops price for foreign buyers
The Penang government is bringing down prices of affordable homes between RM15,000 and RM35,000, while easing the pricing rules on foreigners wishing to own properties in the state, as it seeks to revive the real estate sector affected by the Covid-19 pandemic.
“We are targeting to sell 180,000 units by 2030 while ensuring there is enough supply of affordable homes in Penang,” said Penang’s housing exco Jagdeep Singh Deo.
The move would not affect low-cost and low-medium cost apartments which are now priced at RM42,000 and RM72,500 respectively.
But he said a 10% reduction for other affordable homes priced beyond RM72,500 will now apply.
This would see affordable homes priced between RM150,000 and RM300,000 on the Penang island costing anything from RM135,000 to RM270,000.
In the mainland of Seberang Prai, ceiling prices would come down to between RM135,000 and RM225,000.
Meanwhile, the state expects to help clear more than 3,000 unsold units worth about RM2.6 billion as it lowers the minimum sales price for foreign buyers.