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Penang extends Home Ownership Campaign for another year

Property News/ 6 October 2022 Leave a comment

hoc-extended

State Local Government, Housing, Town, and Country Planning Committee chairman Jagdeep Singh Deo announced that Penang Home Ownership Campaign (HOC 3.0) will be extended for one more year from January 1 to December 31, 2023 to help first-time buyers achieve their home ownership dream and to help developers promote affordable housing.

He said the decision was approved at yesterday’s executive council meeting and thanked all executive councillors and Chief Minister for their endorsement of the scheme.

10% discount for affordable housing until Dec 2023

“Under this scheme, those who apply for affordable housing next year will receive a 10% discount for one year. For example, the affordable housing scheme in Penang Island will be reduced from RM150,000 to RM300,000, to RM135,000 to RM270,000.”

He said that this decision taken by the government is not easy in these challenging economic times, but in order to ensure that people have their own homes, the government is willing to continue this policy of benefiting the people.

Jagdeep hopes that all developers will also work hand in hand with the Penang government to ensure an adequate supply of affordable housing in Penang and he is confident that this is a win-win strategy for the developers.

“The Penang government is willing to allow developers to increase the selling of affordable housing from 40% to 50% to the open market. In addition, the contribution fees of RM30,000 per unit is also reduced to RM10,000.”

He said the plan was agreed upon after several meetings among developers, as it was a win-win policy.

Affordable housing expo will be held this weekend, from Friday to Sunday

The affordable housing expo, which has been suspended for two years due to the epidemic, will be held at Prangin Mall in George Town from October 7 to October 9.

The expo will feature various affordable housing projects located in Penang Island and Mainland by eight developers. LPNPP will also be there to address questions about affordable housing applications.

“The Affordable Housing Fair 2022 will be held from 10am to 10pm and all interested parties are welcome to attend the event.

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