bakedbean

Following has been announced though, as usual, not everyone (agents, property agents, lawyers) seems to know. Usual muddled miscommunication here.

I found the info on Pen Properties website. It seems to be enforced from July 1st 2012 (this Sunday). Not sure if it applies to whole of Penang State including mainland, or just Penang Island. Anyhow, most people are interested in Penang Island.

quote
A quick update on the proposed guidelines to be implemented for foreign property purchase:

The following information is obtained from the Buletin Mutiara* and verbal checks with the state authority.

The minimum limit of condo purchase will be raised to RM 1 million, and landed properties to RM 2 million BUT:

a) The MM2H participants are still allowed to purchase at RM500,000 threshold and limited to 2 purchases


b) Those holding Permanent Residence can purchase at RM250,000 and above, and

c) Transfers pursuant to distribution to Estate of deceased persons are not affected.
unquote

*Buletin Mutiara is the portal of Penang State Government so seems to be "Official".

The rumour mill had been going round about raising threshold to RM 1 million for a little while now. But this is great news for MM2Hers, both current and those thinking about it.

britishbull

"The MM2H participants are still allowed to purchase at RM500,000 threshold and limited to 2 purchases"

Thought it was 250k in Penang before...

bakedbean

Correct. I just typed it up verbatim from the website.

I suppose you could interpret as 'Mm2hers can purchase @ 500k just like the other foreigners used to be able to' ?

Anyhow I'm sure the Malay version makes more sense