Friday, December 20, 2013

New Housing Rules (effective Feb 2014) for PENANG

Dec 8 — First-time house buyers in Penang will need to get state approval if they intend to sell their properties within a specified time frame, under new housing rules that will take effect from February 1 next year.
Chief Minister Lim Guan Eng said the new rules - created to clamp down on property speculation - will impose a moratorium of up to 10 years on the sale of houses by first-time homeowners.
The moratorium applies to low-cost homes costing up to RM42,000 and low-medium cost homes worth up to RM72,500 and covers all past and future purchases.
- See more at: http://www.themalaymailonline.com/malaysia/article/penangs-new-housing-rules-to-prevent-property-bubble-cm-says#sthash.QvDuPN9x.dpuf

Good initiative from Pakatan government, I wonder will Selangor State Government follows...