December 22, 2023
GEORGE TOWN – Like its famous street food, Penang’s property has continued to attract foreign investors, especially the high-end parcels.
Among them are popular Hong Kong actors Hugo Ng, Dickson Lee and Philip Keung, who reportedly bought properties here in the state.
Some fans even remarked that Keung, who bought a property in Penang for his wife in 2017, is now a “qualified tour guide” for Penang.
The couple had spent their Chinese New Year in Penang vlogging about the food and their travels earlier this year.
Malaysia My Second Home (MM2H) consultant Tara Lim said many businessmen and professionals had bought properties priced above RM1mil.
“Some even bought condominium units priced between RM3mil and RM7mil.
“One of them from Hong Kong even invested in a shopping complex in Tanjung Tokong, which has since been renamed as Island 88.
ALSO READ: More foreigners eyeing properties
“It is now undergoing facelift and upon completion, it will feature an upmarket mall ala Hong Kong style,” she said.
Lim said non-MM2H applicants who bought property here could only stay in the country for a limited time due to the visa requirement.
She said that under social visit passes, some can only stay for up to 30 or 90 days each time they enter the country.
“If you buy property here, you would definitely want to stay longer to enjoy the lifestyle and culture here.
“Some foreigners claim they can exit and enter Malaysia again after the 90 days’ expiration.
“But bear in mind, the Immigration Department has the right to stop them if they do this too often.
“It has happened to my clients from Hong Kong, China and Taiwan before,” she said.
ALSO READ: Hoping for five million Chinese tourist arrivals to M’sia next year
Lim said many potential buyers are waiting to commit in property purchase pending the confirmation of the latest MM2H requirements.
Lim, who has been in the industry for more than 10 years, said the government should expedite the move before this group of tourists are “poached” by other countries such as Thailand or Indonesia.
“Tourists from China, Hong Kong and Taiwan spend their money here and they live here and subsequently help to boost the property industry and also contribute to our economy,” she said.
On the revamped version of the MM2H programme which now has three tiers – Silver, Gold and Platinum – as announced by the Tourism, Arts and Culture Ministry, Lim said the MM2H stakeholders and associations would like to hear from the minister on the latest requirements soon.
Last week, Tourism, Arts and Culture Minister Datuk Seri Tiong King Sing said the newly revamped MM2H programme would be on a trial run for one year and remain open to adjustments based on evolving circumstances, ensuring its continued relevance and effectiveness.
Under the new procedures, the age requirement has been lowered to 30 and above, opening doors for a wider group of individuals seeking to call Malaysia their second home.
Under the revised programme, applications can only be submitted through licensed MM2H agents accredited by the ministry under the Tourism Industry Act 1992 (Act 482).