Friday October 26, 2012
Guan Eng denies Penang house prices increased 400%
GEORGE TOWN: Penang Chief Minister Lim Guan Eng has denied that the house prices in Penang had increased drastically by over 400%.
He said the price of condominiums/apartments only increased from RM301,500 to RM350,000, while the price of a detached unit had decreased from RM469,000 to RM415,000.
Lim said, in view of the rising property price, the state government had built 4,000 affordable units while the private sector had built 8,000 units since 2008.
Lim said the state planned to build another 18,000 affordable units, while the private sector would build another 20,000 units.
He said this in response to The Star report that the property price of condominiums/apartments increased by 499%, flats (339%), low-cost flats (157%) and detached units (103%) within a year.
According to the Penang Institute, the price of apartment/condominium went up from RM450,286 during the first quarter of last year to RM2.7mil during the corresponding period this year.
It was reported that the price of detached unit increased from RM1.7mil to as high as RM3.5mil, low-cost flats from RM68,000 to RM175,000, flats from RM132,000 to RM580,000 during the corresponding period.