As reported in The Sun.

Penang's ranking as 8th livable city in Asia bodes well for the future

Posted on 26 April 2012 - 08:13pm
Last updated on 26 April 2012 - 09:34pm

Edmund Lee
newsdesk@thesundaily.com

GEORGE TOWN (April 26, 2012): Penang's latest achievement in being ranked the 8th most liveable city in Asia will boost the state government's efforts to make it a strong location of choice for foreign investors and tourists.
State Housing Committee chairman Wong Hon Wai said the ranking by global consultancy firm ECA International for the second consecutive year would also bring positive impact to the property sector here.

Speaking at the opening of the Penang International Property forum yesterday (26 April 2012), Wong hailed the recognition as being in line with the state government's vision to transform Penang into an international city.

He stressed that Singapore, Indonesia, Britain, Australia and China were the top five countries from which international buyers bought property in Penang.

He noted that the state government was proposing to increase the minimum price limit for property purchases by foreigners from the current RM500,000 to RM1 million, with a higher limit of RM2 million for landed property on the Island.

"In year 2010 and 2011, there were 774 and 890 property transactions involving foreigners. These transactions constitue only 2.98% and 2.26% respectively of the total number of transactions in Penang," he said.

He added with the declaration of Penang as a UNESCO World Heritage Site had spurred a bigger influx of tourists to the island and bolstered occupancy in local hotels.

"Activities like the Georgetown Festival, Penang World Music Festival and others have served as positive catalysts to showcase uniqueness of Penang to domestic and foreign tourists," he said during the forum at Eastin Hotel here.