5% discount for Indian Muslims under new home ownership campaign

Free Malaysia Today

6 days ago

State housing and environment committee chairman S Sundarajoo is confident the implementation of the new policy will help raise home ownership levels among Penangites. (Bernama pic)
GEORGE TOWN : The Penang state government will offer a 5% discount to Indian Muslims for the purchase of residential and commercial units under the newly-introduced MADANI Home Ownership Campaign (MOC), as part of the MADANI Inclusive Property Sector Catalyst Policy.
State housing and environment committee chairman S Sundarajoo said the discount would be available throughout the campaign period, from June 1, 2025, to May 31, 2026, to boost the sale of such properties.
'In addition, the Penang state housing board has introduced a special category, Rumah MutiaraKu Type D (RMKu Type D), with a ceiling price of RM400,000, targeted at households earning up to RM15,000 a month.
'This category is not allowed to be sold on the open market and cannot be used to fulfil affordable housing compliance requirements,' he said during a press conference at Komtar today.
Sundarajoo also announced a reduction in contribution rates for developers who do not physically build RMKu Type A or B units – from RM120,000 to RM100,000 in areas under the Penang Island City Council, and from RM120,000 to RM72,500 under the Seberang Perai City Council.
To ensure cash flow and timely delivery of RMKu units, Sundarajoo said the previous 20% open market release limit has been increased to 50%. However, a release fee of 10% of the selling price will be imposed.
He added that upgrade packages for open market units will be capped at 50% of the base price, and such packages will not be allowed for PN1 units, to maintain transparency in compliance with the RMKu policy.
Other incentives under the policy include waivers on the sale or purchase charges of RMKu Type A and Type B quotas for developers who do not meet the price-controlled unit requirements, as well as exemptions from conducting a social impact assessment report.
Sundarajoo said the policy, which was approved during the state planning committee meeting on Wednesday, is expected to have a positive impact by boosting home-ownership rates, encouraging approval of strategic new projects and fostering a more inclusive, sustainable and competitive property development ecosystem.
'We are confident the implementation of the MOC policy will help raise home ownership levels among Penangites. The state government will continue to review, refine and gather feedback from industry players and the public to improve and update these guidelines,' he said.
Previous initiatives introduced by the state include the Home Ownership Campaign (HOC) and the Penang State Property Sector Stimulus Policy 2020, which was extended four times, most recently as HOC 3.0 PLUS, which ended on Dec 31 last year.