GEORGE TOWN, May 12 – Batu Lanchang assemblyman Ong Ah Teong has proposed introducing a 3% property transfer premium on buyers or sellers who are not Penang-born.
Permanent residents, or long-term registered voters, in a bid to curb property speculation and stabilise housing prices in the state.
He said the measure would help address artificial demand from outstation investors, which he claimed has driven up prices and worsened affordability for locals.
While proceeds could be channelled into a housing trust fund for affordable homes and rent-to-own schemes.
Debating the state governor’s address, Ong also warned of more than 14,000 unsold housing units in Penang and the risk of a property bubble if speculative development continues.
He further raised governance concerns over InvestPenang following audit findings, questioning internal controls, overseas spending, and overlaps with MIDA.
Calling for clearer accountability and stronger oversight of state-linked agencies.
