Levies for Penang property buys seen as deterrent, not deal-breaker

NEW levies on foreign buyers of Penang property are more of a deterrent than a deal-breaker, the head of a developers' association said yesterday after more measures were introduced to curb speculation and tackle the issue of providing affordable housing.

"It may be a disincentive but not a deal-breaker if someone is into buying and thinks of the prospects. I don't think it's an issue," Penang Rehda (Real Estate & Housing Developers' Association) chairman Jerry Chan Fook Sing told The Business Times.

On Sunday, Penang Chief Minister Lim Guan Eng unveiled new housing rules which will take effect from Feb 1 next year, a couple of which impact non-citizens.