Now I can buy Penang affordable properties too. (I am not a Penangite)

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Once upon a time, the affordable homes in Penang were only available for sale to Penangites. Not even for someone who has worked in Penang for 15 years like me. The buyer(s) must be Penangite. The affordable homes come with an attractive price tag too. The price range are between RM150,000 and RM300,000 on the island, and between RM150,000 and RM250,000 in Seberang Perai. The Penang government announced that 20% of units under the affordable homes category are now open for sale at market price to those from outside the state. Eligibility of buyers have been adjusted too. State housing committee chairman Jagdeep Singh said in each category, the income limit had been raised by RM2,000. For the RM150,000 homes, the eligible household income is now RM8,000; RM200,000 homes, RM10,000; and RM300,000, RM12,000. This applies to the affordable home units in the entire state. Article in FreeMalaysiaToday.com for reference.

Beyond just the local, Jagdeep also announced a waiver of the one-off 3% approval fee for foreigners purchasing properties in the state for the entire month of February to boost Chinese New Year sales. Currently, foreigners can only purchase landed properties on the island priced from RM2 million to RM3 million. As for the mainland, foreigners can only purchase apartments priced above RM500,000, and RM1 million for landed properties. With this 3% fee waived, foreigners save RM90,000 for a property worth RM3 million. He said, “Penang is a place where your investment in property cannot fail because it is a sought-after address. The earlier you come, you stand to get a lot, your property prices will increase.” Article in FreeMalaysiaToday.com for reference.

I think it’s okay to let non-Penangites buy these affordable properties too. This is because Penang attracts many non-Penangites who are working in Penang and helping to grow the state economy too. Let’s not discuss on why non-Penangites were not allowed to buy previously but I think what’s most important is that we continue to see the pro-activeness of the state government to manage the number of unsold properties in the state. When developers start to clear these units, they could then build more. Else, developers are also stuck because they are wary of not keep adding into the pile of unsold units. Happy buying a unit.

written on 29 Jan 2019

Next suggested article: 2019 is a good year to buy properties in KL and Penang

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