News & Updates

GEORGE TOWN: Tourism industry players are excited and pleased with Penang being named by CNN Travel as one of the 17 best places to visit in 2017.

Malaysian Association of Hotels (MAH) Penang chapter chairman Khoo Boo Lim said it was always good to be recognised inter­nationally.

“The accolade is a ‘strong’ marketing tool for hoteliers and agents to promote the state overseas.

“This will definitely help us to bring in more tourists who are keen to find out more about Penang. I am really happy about it,” he said.

Penang foreign property buyers under 10%

Thursday, 12 January 2017 00:00

The number of foreigners buying Penang properties have traditionally been below 10 per cent, state executive councillor Jagdeep Singh Deo said today.

The housing development committee chairman sought to allay concern that non-Malaysians were gobbling up properties, saying it was a perception that was untrue.

“It has always been less than 10 per cent, like what was said, it was only 7 per cent but there was this false perception that there are more foreign buyers,” he told reporters after a media launch of the Penang Property Summit 2017 here.

The figure for foreign property buyers in the state was disclosed earlier by real estate agent Michael Geh in his speech earlier at the same launch.

Jagdeep said the state has always been firm with its minimum price for foreigners buying properties in Penang to curb speculation.

The minimum price is RM2 million for landed properties and RM1 million for stratified properties on the island while the floor price for the mainland is RM1 million for landed properties and RM500,000 for stratified properties.

“Only the MM2H applicants are allowed to buy RM500,000 properties and above for up to two units per person,” he said, referring to the Malaysia My Second Home programme.

The Penang state government should implement clear-cut housing policies that suit the overall property market conditions, real estate agent Michael Geh said today.

The chartered surveyor said the state must consider the effects of the policies implemented on both the primary and secondary markets.

“I hope the state will implement policies that will not negatively affect the housing sector.

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