GEORGE TOWN, Oct. 21 -- Penang state exco Jagdeep Singh Deo is proposing that the foreign property purchase threshold be lowered to RM800,000 for high rise properties on the island and not the RM600,000 fixed by the federal government under Budget 2020.

The housing, local government and town and country planning committee chairman said the number of unsold properties in the state is still manageable and relatively low.

"We don't agree with the RM600,000 threshold, I suggest that we lower the threshold to RM800,000 for high rise properties on the island," he said during a press conference this morning.

He voiced his disagreement with the federal government in lowering the threshold for the whole of 2020.

"I suggest that we only allow t...