Ceiling price reduced for foreign home buyers

Reality estate: Ceiling prices for stratified properties will be reduced from RM1mil to RM800,000, says Jagdeep.

GEORGE TOWN: Penang has reduced its minimum price threshold for foreign property ownership by up to 40% to clear RM2.6bil worth of overhang units in the state.

Penang local government, housing, town and country planning committee chairman Jagdeep Singh Deo said the revised pricing was valid for one year starting yesterday.