KUALA LUMPUR, Dec 22 — The Malaysia My Second Home (MM2H) programme policy and a weakened ringgit are attracting travellers from China, Hong Kong, and Taiwan to invest in high-end properties in Penang priced over RM1 million, The Star reported today.
Ideal Property Group general manager (sales & marketing) Nancy Teo said the revised MM2H programme allows foreigners to buy properties from RM500,000 and is expected to boost the local property market.
She also said due to the present value of the ringgit, there has been a double-digit percentage increase in foreign inquiries for high-end properties in Penang.
“The inquiries are mainly from Taiwan, Singapore and Hong Kong. Chinese nationals who can buy property in Penang are those who have investments here.
“Projects in strategic locations generally sell better,” she told The Star.
She added that the group observed foreign individuals purchasing completed properties, Queens Waterfront 1 and 2 in Bayan Lepas, with prices ranging from above RM1.8 million to RM2.3 million this year.
One Asia Property Consultants (Pg) Sdn Bhd executive director Chandra Mohan Krishnan said that there is an increased number of foreign individuals acquiring industrial properties in the state.
“This has to do with the weaker ringgit and maybe the new MM2H programme guidelines will help boost our sales later,” Chandra was quoted as saying.
Also weighing on the same matter, Eastern & Oriental Bhd assistant general manager (marketing and sales) Ramesh Gnanasegaran said that the majority of inquiries came from Hong Kong, Singapore, and Taiwan.
“The interest is in properties below RM3 million. The increase in enquiries has translated into more robust sales in 2023. Locals still form the bulk of our customers, but we are also seeing an increase in foreign purchases,” he told the newspaper.
According to The Star report today, popular Hong Kong actors like Hugo Ng, Dickson Lee and Philip Keung are among those from the Far East who have bought properties in Penang in recent years.
Keung was said to have bought the Penang property for his wife in 2017, and has posted photos of the couple on a foodie trip around Balik Pulau on the island earlier this month.
The Star also cited MM2H consultant Tara Lim who has 10 years’ experience in the sector, saying that many businessmen and professionals have invested in properties valued above RM1 million.
“Some even bought condominium units priced between RM3 million and RM7 million.
“One of them from Hong Kong even invested in a shopping complex in Tanjung Tokong, which has since been renamed as Island 88.
“It is now undergoing a facelift and upon completion, it will feature an upmarket mall a la Hong Kong style,” she was quoted as saying.
But Lim also said that some prospective buyers are holding off until the latest MM2H requirements are confirmed.
“Tourists from China, Hong Kong and Taiwan spend their money here and they live here and subsequently help to boost the property industry and also contribute to our economy,” she was quoted as saying.
Citing the revamped version of the MM2H programme which now has three tiers which are Silver, Gold and Platinum, Lim said that MM2H stakeholders and associations hope to receive the latest requirements from the Tourism, Arts and Culture Ministry soon.
Last week, Tourism, Arts and Culture Minister Datuk Seri Tiong King Sing announced that the MM2H programme would undergo a one-year trial period, allowing for adjustments to be made based on changing circumstances to ensure ongoing relevance and effectiveness.
It was reported that the updated procedures include a lower age requirement of 30 and above to expand eligibility for a broader range of individuals looking to make Malaysia their second home.
Furthermore, applications under the revised programme can only be submitted through licensed MM2H agents accredited by the ministry under the Tourism Industry Act 1992, also known as Act 482.
