Penang Property – Hands off foreigners
 

Here’s a snippet from a longer article, Tempers flare as Singaporeans buy up Penang properties on Property Guru.

Cooling measures introduced in 2012, which prohibit foreigners from purchasing landed properties below RM2 million (S$660,000) on the island and RM1 million (S$333,108) on the mainland.
Foreigners are also prohibited from buying stratified properties below RM1 million both on the mainland and the island. The state has also imposed an approval fee of three percent over the purchase price.

Note that the rules are more favourable for those with an MM2H Pass.
For the full article see: http://www.propertyguru.com.sg/prope...ang-properties

JC3

Re: Penang Property – Hands off foreigners
 

Yeh there was a "topic" chugging along on Facebook a few weeks ago about this. Namely, some shophouses that were being bought up along *road name cannot remember lah* but right in the middle of town off the main road that goes close to Komtar.

Have deleted the link now....sorry, but the media had posted a wrong picture of some nicely renovated row of houses when, in fact, the road in question was a real dump of a road needing some cash injection.

Y'know you cannot have it both ways. Penang folks need to decide what they want. Let these places fall down and disintegrate, or get investors to renovate. Nothing to stop Malaysians buying them up :sneaky:

Yes it's sad for those old traditional businesses who are paying tuppence ha'penny for rents but you have to get in the real world, don't you?

Re: Penang Property – Hands off foreigners
 

Due you mean articles like these (all from The Star newspaper):
Foreigners ‘invading’ pre-war properties in Penang - Nation | The Star Online
Penang’s heritage site under threat due to inflated prices - Nation | The Star Online
Penang mulls restoring rent control for pre-war houses - Nation | The Star Online

Re: Penang Property – Hands off foreigners
 

Yep. Well done Sushi. But the Star newspaper seems to have changed the original article or maybe used same picture twice. That picture of Snapdot Cafe was used incorrectly on another article.

Re: Penang Property – Hands off foreigners
 

I see BB. I was not aware of that (I don't do farcebook).

Re: Penang Property – Hands off foreigners
 

I've found it. It wasn't The Star in Penang that did the article, though the picture was sourced from The Star. It was AsiaOne business news in Singapore. The article writes about Bertran Lane which IMO is a dump of a lane and needs renovating, and instead shows a picture of Rope Lane which is much prettier.
Singaporean real estate hunters on buying spree for pre-war properties in Penang, News, News, AsiaOne Business News

Re: Penang Property – Hands off foreigners
 

I think BB means Rope Walk (not Rope Lane).

Rope Walk (Jalan Pintal Tali) runs from Chulia Street to Prangin Road and got its name from the traditional rope spinner that was found there in the 19th century, making ropes out of coconut husk for bullock carts, carriages, and ships mooring at the harbour.

Jalan: Road or way
Pintal: spin or twist
Tali: rope or string

JC3

Re: Penang Property – Hands off foreigners
 

Yep...Rope Walk. Thanks.