Frequently Asked Questions
Everything you need to know about buying new launch properties in Penang.
Buying
What is a new launch property?
A property offered for sale by a developer before or during construction, usually with a small booking fee and staged payments.
How do I book a unit?
Submit the interest form on the project page; the sales gallery will contact you with booking paperwork and the booking fee.
Are prices negotiable?
Prices are set by the developer. Discounts, if any, are usually fixed (e.g. Bumiputera or early-bird discounts).
What is the difference between SPA price and nett price?
The SPA price is the gross figure written into the Sale and Purchase Agreement. The nett price is what you actually pay after rebates and discounts are deducted. Always compare projects on the same basis.
What documents do I need to book?
Typically a copy of your IC/passport, proof of income or bank statements for financing, and the booking form completed at the sales gallery.
Financing
How much is the booking fee?
Typically 2% to 5% of the purchase price, paid on booking and deductible from the 10% downpayment.
Can I get a loan?
Yes, through the developer's panel banks. Loan legal fees are sometimes absorbed by the developer.
How long does loan approval take?
Most panel banks approve within 14 to 21 days of a complete submission, provided the SPA is signed on time.
What are the progressive payment stages?
The standard Schedule J is 10% on SPA signing, followed by 10% in stage 2(a), 10% in stage 2(b), 5% in stage 3, 5% in stage 4, 5% in stage 5 and 55% on completion, subject to the developer's schedule.
Foreigners
Can foreigners buy property in Penang?
Yes, subject to state minimum price thresholds and state consent. Consult a solicitor for the latest rules.
What is the minimum price for a foreign buyer?
The threshold is set by each state and is reviewed from time to time. Always confirm the current figure with a licensed solicitor before committing to a unit.
Do I need to be in Malaysia to buy?
No. Purchase and SPA signing can usually be arranged remotely via a panel lawyer using a power of attorney.
Process
How long does signing the SPA take?
The Sale and Purchase Agreement is usually signed within 14 to 21 days of booking, once financing is approved.
When is the property completed?
Each project lists its expected completion date; check the project page for the latest date.
What is an APDL number?
The Approval Plan Date Permit number issued by the National Housing Department (KPKT). Every project page shows the APDL reference and the date we last verified the data.
How do I know the information on this site is up to date?
Every project page shows a 'Last verified' date and the permit reference we checked the data against, so you can see how current each listing is.
Still have a question?
Send us your question and we will get back to you. For project-specific enquiries, use the form on the project page so we can route it to the right developer.
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