Penang maintains the prices of LC and LMC

Property News/ 11 October 2021 Leave a comment


The Penang government will not be raising the prices of low-cost (LC) and low medium-cost (LMC) units in the state.

State Local Government, Housing, Town and Country Planning Committee chairman Jagdeep Singh Deo said the LC unit in Penang is priced at RM42,000 while LMC unit is priced at RM72,500.

“Some states have raised the prices of LC and LMC units. In some states, the price of an LC unit has been increased from RM42,000 to RM60,000 while the price of an LMC unit has been increased to RM100,000.

“Even before the pandemic, the Penang government had mentioned that the state will not falter because these are affordable homes for the people.

“How can we increase the prices? I want the Housing and Local Government Ministry to look into the matter,” Jagdeep told a press conference at Block A, Greenlane Heights in Jalan Besi yesterday.

Jagdeep said the Penang government would not be increasing the cost of the LC and LMC in Penang.

“We will maintain the prices. It is our social responsibility.

“We have a target of supplying 220,000 units of affordable homes (of various prices) under the Penang2030 vision – from RM42,000 to RM300,000 per unit (on Penang island), and from RM42,000 to RM250,000 per unit (on the mainland).

“We have supplied almost 130,000 units of affordable homes now. I am confident that we will be able to supply 220,000 units of affordable homes, or even more, by 2030,” he added.

Also present were Seri Delima assemblyman Syerleena Abdul Rashid and Bukit Gelugor MP Ramkarpal Singh.

Jagdeep said that the state was also assisting several housing projects in maintaining their housing schemes.

“These housing schemes have to be eligible for the maintenance funds that are available in Penang.

“The state has various maintenance funds to help the people maintain their schemes. They are the Public Housing Maintenance Fund, the housing maintenance funds under the Penang Island City Council and the Seberang Perai City Council, and Penang Maximum 80% Housing Maintenance Fund (TPM80PP).

“Those LC, LMC and private housing schemes of up to RM150,000 (at the time of principal purchase) can apply for the TPM80PP, and are eligible to be considered by the state government,” Jagdeep said.

Jagdeep said the state has approved the TPM80PP application by Block A, Greenlane Heights.

“The apartment is 24 years old. It has constantly faced electrical system problems.

“The most noticeable problems are at the corridors and the riser room.

“The total cost of the maintenance work is RM221,710 and the state has agreed to bear 80% of the total cost.

“We are happy that the management corporation of the housing scheme is willing to bear the remaining 20%,” Jagdeep said.

Source: Buletin Mutiara

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