Sell low-cost units back to us, says Penang govt

GEORGE TOWN: Penang is mulling to compel low-cost (LC) and low medium-cost (LMC) unit owners to sell their properties back to the state if they were moving to higher-end properties.

State Housing, Town, Country Planning and Local Government Committee chairman Jagdeep Singh Deo said the move would help to reduce the burden of building more LC and LMC units, and prevent the unit holders from making excessive profit by selling their houses in the open market.Jagdeep said it was only appropriate that the unit holders return their properties at the purchase price.