GEORGE TOWN: The new housing rules that will be implemented by Penang next February are definite, even as discussions are being held with the various stakeholders, said Chief Minister Lim Guan Eng.
He said briefings were being conducted for the Bar Council, banks, property developers both in and outside of Penang and other stakeholders to update them on the new housing rules.
Under the new rules, all low-cost (up to RM42,000) and low-medium cost (up to RM72,500) houses cannot be resold for up to 10 years from the date of the sale and purchase agreement (SPA). This 10-year rule covers all past and future purchases.
In addition, houses that were initially purchased at a cost below RM400,000 on the island as well as below RM250,000 on the mainland cannot be resold for five years if the SPA is signed on or after Feb 1 next year. - The Star
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