GEORGE TOWN: The Penang government has dismissed allegations by an opposition lawmaker that Chinese nationals owned 365 residential units, bought at lower prices meant for locals, as of last year.
State housing committee chairman Datuk Seri S. Sundarajoo said the claim was misleading and not reflective of official records.
He added that the figures cited were based on an inaccurate interpretation of property transaction data and did not represent the actual breakdown of foreign ownership in the state.
He said that out of the 365 units referred to, only 15 were transacted within the RM400,000 to RM1.5mil price range under the Home Ownership Campaign (HOC) framework approved by the state.
"The assertion that 365 units were bought in that manner is misleading and does not reflect the actual records maintained by the Penang Land and Mines Office (PTG)," he told a press conference on the sidelines of the state assembly meeting here on Thursday (May 14).
Sundarajoo said the HOC was introduced to address the issue of overhang properties following the Covid-19 pandemic and to stimulate the property market.
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He said the initiative, which included adjusted foreign purchase thresholds and incentives such as reduced state consent fees and levies, ended in December 2024.
"With its conclusion, all foreign property purchases are now subject to the original guidelines under the state’s regulations on acquisition of property by non-citizens and foreign companies," he said.
He stressed that all transactions are governed by existing regulations and monitored by the relevant authorities to ensure compliance and transparency.
On Wednesday (May 13), Izhar Shah Arif Shah (PN-Seberang Jaya) claimed in a press conference that there was an anomaly in foreign residential property ownership in Penang.
He reportedly said 2025 figures showed that nationals from mainland China owned 365 residential units in the state with a combined declared value of RM150.2mil.
The state government implemented the HOC and the Penang Property Sector Stimulus Policy to revitalise the property market following the pandemic.
