Penang to reveal home ownership package next week


The Penang government is set to announce a housing ownership package next week to ease home ownership in the state.

State Local Government, Housing, Town and Country Planning Committee chairman Jagdeep Singh Deo said the package – dubbed Housing Ownership Campaign Package (Penang edition) 2020 – has two main objectives.

“Firstly, it is to assist home buyers, especially those who intend to buy affordable homes.

“Secondly, we want to work towards our goal of building 180,000 units of affordable homes by 2030,” he told a press conference at Duo Residensi in Teluk Kumbar today.

Jagdeep said that he had meetings with various agencies and stakeholders, such as Rehda and the chambers of commerce, for the past two to three weeks to look into ways to assist home buyers in Penang.

“We are relooking, reviewing and strategising our existing (housing) guidelines. I have spoken to Chief Minister Chow Kon Yeow and I hope to make an announcement next week,” he said.

Jagdeep added that package would include offering incentives to developers who are willing to work with the Penang government to provide affordable homes for the rakyat.

“Our priority is that,” he said.

Jagdeep stressed the importance of the construction industry.

“A total of 141 other sectors stand to benefit from a single construction project. That is how important the industry is.

“It is more important and relevant now that the Covid-19 crisis affects the economy. We want to spur the state’s economy and at the same time, help people to own affordable homes,” he said.

Jagdeep said the supply of affordable homes is crucial.

“We have managed to record 102,000 units of affordable homes that have been built, being built and approved to be built as of March this year.

“As of this morning (June 4), we registered 105,719 units of affordable homes that have been built, being built and approved to be built. This shows that we have not stopped providing affordable homes,” he said.

Jagdeep also said that the number of overhang units in Penang was manageable.

“Penang saw a decrease in property overhang, while several other states saw an increase in the number of unsold properties.

“Penang has 3,350 unsold properties, amounting to RM2.6 billion. An overhang unit is defined as a residential unit that is unsold for more than nine months after it has received the Certificate of Completion and Compliance (CCC).

“The number of overhang units in Penang is decreasing year after year. The Penang government is also planning to further address the matter,” he said.

On a separate matter, Jagdeep said the Dua Residensi project by Penang Development Corporation (PDC) was set to obtain the CCC next month (July).

“We hope to have the key handover by September this year,” he said.

PDC Housing Development Department senior manager Radzuan Ahmad said there were still available units for the Duo Residensi project.

Find out more about Duo Residensi

Source: Buletin Mutiara

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