The Penang government is encouraging more people to own homes through its rent-to-own (RTO) scheme.

State Local Government, Housing, Town and Country Planning Committee chairman Jagdeep Singh Deo said the state was happy to introduce the RTO scheme to those who could not afford to even buy low-cost homes, due to the high loan rejection rate by banks.

“The RTO scheme is unlike renting the People’s Housing Project (PPR). The RTO scheme allows the tenants to become owners after renting for a period of time.

“We have applied the RTO scheme on two projects in south Seberang Perai – Taman Seruling Emas and Taman Sungai Duri Permai.

“Tenants of Taman Seruling Emas only pay RM100 a month and a RM20 maintenance fee for 15 years. The Government subsidises RM5,000.

“The actual price of the unit is RM25,000 but we are only charging the prospective buyer about RM22,000.

“As for the Taman Sungai Duri Permai low-cost housing project, the tenants pay RM150 per month and RM20 maintenance fee for 23 years.

“The RTO scheme for the two projects was successful,” Jagdeep told a press conference at the K Park low-cost housing project off Jalan Kuala Jalan Baru, Balik Pulau, on Monday.

Jagdeep said the RTO scheme would also be applied on K Park.

“The project has four blocks of low-cost flats. Two blocks of flats will be sold via the RTO scheme to help the needy. The state Housing Department will be supervising the process.

“The Penang government will continue to urge the Federal Government to address the high loan rejection rate,” he said.

He also said that the state has identified another RTO scheme housing project in Kampung Tok Subuh, central Seberang Perai.

Property developer Ideal Property Group senior construction manager Ang Eng Huat said the construction works of the project was 70% completed.

“It is scheduled to complete by the first quarter of next year,” he said.

Source: Buletin Mutiara

K Park, an affordable housing development by Ideal Homes Properties Sdn. Bhd. at Balik Pulau, Penang. It is located near the west coast of Penang Island, adjacent to Prestige III housing scheme by PLB Homes. Driving to Balik Pulau town centre will take approximately 10 minutes, under 35 minutes to Bayan Lepas Free Trade Zone during off peak hours.

This development comprises four low-cost apartment blocks, offering a total of 1,175 residential units with a standard built-up size of 650 sq.ft. Half of the low-cost units will be sold via RTO (Rent-to-own) scheme, which will be supervised by Penang state Housing Department.

READ MORE ABOUT AFFORDABLE HOUSING:

• Eligibility and the requirement of buying affordable housing
• Full list of affordable housing in Penang

Project Name: K Park
Location: Balik Pulau
Property Type: Affordable Housing (low cost)
Built-up Size: 650 sq.ft.
Total Units: 1,175
Indicative Price: RM42,000
Developer: Ideal Homes Properties Sdn. Bhd.
Location Map:

One City Residences, an upcoming residential development by Paramount Garden Sdn. Bhd. at Bukit Minyak. Located off Jalan off Jalan Pinang, adjacent to 1 City Shop Offices by the same company. It is just a stone’s throw away from Bukit Minyak Industrial Park, about 5km away from North-South Expressway – Auto City interchange.

This development will see the construction of a 26-storey condominium, featuring 148 residential units with 5-level multi-storey car park.

More details to be available upon official launch.

Project Name : One City Residences
Location : Juru
Property Type : Condominium
Total Units: 148
Built-up Size: 950 sq.ft. & 1,050 sq.ft.
Indicative Price: (to be confirmed)
Developer : Paramount Garden Sdn. Bhd.

Location Map:

Chow said that as of now, the state government is proceeding with a plan to commission a study on the future needs of the existing Penang International Airport (PEN) and its surroundings.

Nevertheless, he said that the state government is open to proposals for a second airport in the state – provided that it does not jeopardise the role and function of PEN and any future development in the area.

“The economy of Penang and its people must benefit from any such proposal,” he added.

According to the English daily, a private company has proposed plans for a new Penang airport to the federal government; while another corporation is poised to do the same.

The former, which is planning to undertake construction of the proposed North Malaysia International Airport (NMIA), plans to build the proposed airport near the border shared by Kedah, Penang and Perak, which is currently a vast track of paddy fields.

The second proposal, the Northern Region International Airport (NORIA), will be proposed to the federal government soon.

Transport Ministry refutes claim

The Transport Ministry, meanwhile, has dismissed the report, saying that no such proposal has been submitted to the government.

“I have no idea where this information came from. There is no such proposal.

“There is only one airport in Penang, the Penang International Airport, which we will be expanding,” Transport Minister Anthony Loke told the New Straits Times, today.

The KXP factor

The report on the proposed second Penang airport comes after Kedah recently announced that it will build the RM1.6 billion Kulim International Airport (KXP) via a private financing initiative.

KXP is one of seven mega projects worth RM3 billion recently announced for Kedah.

But Chow has repeatedly raised reservations on the construction of KXP, stressing that it would have a negative impact on PEN.

The Chief Minister also said that Penang will conduct a feasibility study of KXP to assess its long-term effect on the state’s economy.

Source: NST Online

Yet another proposed serviced residence by Paramount Property Sdn. Bhd. at Batu Kawan. It is the third phase of Utropolis master-planned development located between Design Village outlet mall and Aspen Vision City by Aspen Group. Walking distance to KDU University College, which is opening in 2020.

This development comprises a mix of 2-storey shop offices and two blocks serviced residence:

• 2-storey shop offices (16 units)
• Serviced residence – Block A (36-storey, 499 units)
• Serviced residence – Block B (35-storey, 483 units)

Project Name : (to be confirmed)
Location: Batu Kawan, Penang
Land Tenure: (to be confirmed)
Property Type : Serviced residence
Built-up Area : (to be confirmed)
Total Units: 982 (serviced residence), 16 (shop office)
Indicative Price: (to be confirmed)
Developer : Paramount Property

Location Map: