Penang ups landed property threshold

Kuala Lumpur

FOREIGNERS looking to buy landed property on Penang Island will have to restrict themselves to those priced from RM3 million (S$951,600), the state government said on Thursday in a move to ostensibly safeguard the interests of locals.

State executive councillor for housing Jagdeep Singh Deo announced the threshold hike but noted that the foreign levy would be halved for properties priced at RM1-1.5 million. Such properties would attract a levy of 1.5 per cent from 3 per cent previously.