Menteri Besar Amirudin Shari said the Selangor Housing Real Estate Board is studying whether to maintain or lower the current threshold of RM2 million.

Speaking to reporters after attending the state government department’s monthly assembly here yesterday, he said a decision would be made within two to three weeks.

He added that Selangor has the highest price threshold for foreigners among the states.

He said this when asked to comment on the state government’s measures to overcome the supply overhang of luxury homes in the state.

Amirudin added that he thought the reduction in price threshold for foreign ownership from RM1 million to RM600,000 as announced in the 2020 Budget was very low.

“In Shenzhen, China, a 1,000 square feet house is priced between RM5 million and RM6 million, so the foreign ownership price threshold of RM1 million or RM2 million should not cause any problems among them (foreigners),” he said.

He also said that as a measure to encourage homeownership by the B40 group, the Selangor government would further strengthen the rent-to-own programme.