State may tighten rules for foreign property buyers

THE Penang government may revise present guidelines for foreigners buying property in the state in view of the declining value of the ringgit.

State Housing, Town and Country Planning Committee chairman Jagdeep Singh Deo said he would meet with stakeholders next week to discuss the guidelines which restrict foreigners from buying landed homes of not more than RM2mil on the island and RM1mil on the mainland.