SIMPANG PERTANG: The government plans to review and possibly revise its housing policy on foreigners purchasing local properties. The move is meant to safeguard Malaysia's interests and curb abuse, especially in view of the prevailing poor currency exchange rate. Noh was commenting on a report that the Penang state government plans to allow foreigners to purchase property on the island priced at RM800,000 and above, which it claims are not within the means of locals due to difficulties in securing financing from banks. "If the state government pursues its intent to lower the mandated floor price (for foreign purchases), then it would have breached the housing policy set by the federal government. "At the present foreign exchange rate (of RM4.45 to US$1), there shouldn't be any problem maintaining the RM1 million floor price for foreigners," he said, adding that priority should be given to local residents on the island.

Source: New Strait Times March 13, 2017 12:22 UTC