Penang to place restrictions on reselling of houses

Penang to place restrictions on reselling of houses
File photo of Gurney Drive shoreline in Penang, Malaysia

GEORGE TOWN - Houses in Penang purchased for RM400,000 (S$154,680.80) and below will soon be barred from being resold within a specific time period without the consent of the state.

It was announced that the Penang Government would impose stringent housing rules from Feb 1 next year to curb property speculation.

Chief Minister Lim Guan Eng said affordable homes bought for below RM400,000 on the island and RM250,000 on the mainland cannot be sold for five years, while low- and low-medium cost housing units priced up to RM72,500 statewide cannot be sold for 10 years.

He said owners of these units who want to sell them during the period would have to appeal to the state government first and units can only be sold to qualified "listed buyers" registered with the state housing department.

Lim said in a press statement Sunday that the ruling covers past and future purchases.

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