Penang reduces price ceiling for overhang units by 20-40pc, says Jagdeep

Penang exco Jagdeep Singh Deo speaks to reporters during a press conference at Komtar, George Town May 13, 2020. — Picture by Sayuti Zainudin
Penang exco Jagdeep Singh Deo speaks to reporters during a press conference at Komtar, George Town May 13, 2020. — Picture by Sayuti Zainudin

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GEORGE TOWN, June 11 — Starting today, foreign buyers can expect cheaper property units in Penang as the ceiling price for overhang stratified and landed properties in the state has been reduced by between 20 and 40 per cent.

State Housing, Local Government and Town and Country Planning Committee chairman Jagdeep Singh Deo said the offer would be ongoing for a year from today, in line with the Home Ownership Campaign 2020.

“(Within this one-year period) the ceiling price for landed properties on the island has been reduced by 40 per cent from RM3 million to RM1.8 million, whereas the landed properties on the mainland has been dropped by 25 per cent from RM1 million to RM750,000,” he told a press conference here today.

Jagdeep said the ceiling price for stratified properties on both island and mainland has also been lowered by 20 per cent, putting them between RM800,000 and RM400,000 respectively.

“This would help property developers to clear up the existing overhang stock, as well as to help boost our standstill economy during the Covid-19 pandemic,” he said.

Meanwhile, Jagdeep said the property overhang issue in Penang was under control in comparison to other states.

“Penang has seen a significant and consistent decline of overhang units by 22.3 per cent since last year compared to Johor (+24.9 per cent), Perak (+116.1 per cent) and Selangor (+30.5 per cent),” he added.

He said Penang currently has 3,043 overhang units with a total value of about RM2.6 billion. — Bernama

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