According to Budget 2020, the threshold would be lowered from RM1mil to RM600,000 for foreign ownership of high-rise property in urban areas.
The minimum price threshold set for high-rise property on Penang island for foreign ownership should be raised to RM800,000 from RM600,000 as announced in Budget 2020.
State housing and local government committee chairman Jagdeep Singh Deo said the measure should be applicable to overhang units which were unsold for more than six months instead of the suggested one year.
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