Penang Rolls Out MADANI Property Policy With Incentives To Spur Market Growth
The Penang state government has launched the MADANI Property Policy, a bold initiative aimed at revitalising the property market while promoting inclusivity and affordability.
The policy, introduced under the MADANI Home Ownership Campaign (MOC), combines targeted buyer incentives, developer-friendly reforms and new affordable housing tiers to stimulate growth in the state's real estate sector.
Announcing the policy, State Housing and Environment Committee chairman Datuk Seri S Sundarajoo said the campaign will run from June 1, 2025, to May 31, 2026, and is expected to drive higher homeownership rates while encouraging the approval of strategic developments.
A key feature of the initiative is a 5% discount for Indian Muslim buyers purchasing residential or commercial units during the campaign period, a move aimed at increasing participation from underrepresented communities.
The policy also introduces a new affordable housing category, Rumah MutiaraKu Type D (RMKu D), capped at RM400,000 and targeted at households earning up to RM15,000 per month. RMKu D units cannot be resold on the open market or used to meet mandatory affordable housing quotas, underscoring the state's intention to maintain affordability for genuine buyers.
Developers, meanwhile, will benefit from reduced contribution rates if they opt not to build RMKu Type A or B units: From RM120,000 to RM100,000 in Penang Island City Council areas
From RM120,000 to RM72,500 in Seberang Perai City Council areas
Meanwhile, Sundarajoo also announced that developers who fall short of affordable housing unit quotas may now receive waivers on related sale or purchase charges.
'They may also be exempt from social impact assessment reports under specific conditions, streamlining the approval process and cutting compliance costs,' he said.
Sundarajoo noted that the reforms are designed to create a more competitive, sustainable and inclusive property ecosystem in Penang.
'This policy reflects our commitment to both homebuyers and industry stakeholders. We will continue to engage with the public and private sectors to refine and update these guidelines,' he said.
The MOC follows a string of state-led initiatives, including the Penang Home Ownership Campaign (HOC) and the State Property Sector Stimulus Policy, with the HOC 3.0 PLUS ended in December 2024. Related
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BusinessToday
10 hours ago
- BusinessToday
Penang Rolls Out MADANI Property Policy With Incentives To Spur Market Growth
The Penang state government has launched the MADANI Property Policy, a bold initiative aimed at revitalising the property market while promoting inclusivity and affordability. The policy, introduced under the MADANI Home Ownership Campaign (MOC), combines targeted buyer incentives, developer-friendly reforms and new affordable housing tiers to stimulate growth in the state's real estate sector. Announcing the policy, State Housing and Environment Committee chairman Datuk Seri S Sundarajoo said the campaign will run from June 1, 2025, to May 31, 2026, and is expected to drive higher homeownership rates while encouraging the approval of strategic developments. A key feature of the initiative is a 5% discount for Indian Muslim buyers purchasing residential or commercial units during the campaign period, a move aimed at increasing participation from underrepresented communities. The policy also introduces a new affordable housing category, Rumah MutiaraKu Type D (RMKu D), capped at RM400,000 and targeted at households earning up to RM15,000 per month. RMKu D units cannot be resold on the open market or used to meet mandatory affordable housing quotas, underscoring the state's intention to maintain affordability for genuine buyers. Developers, meanwhile, will benefit from reduced contribution rates if they opt not to build RMKu Type A or B units: From RM120,000 to RM100,000 in Penang Island City Council areas From RM120,000 to RM72,500 in Seberang Perai City Council areas Meanwhile, Sundarajoo also announced that developers who fall short of affordable housing unit quotas may now receive waivers on related sale or purchase charges. 'They may also be exempt from social impact assessment reports under specific conditions, streamlining the approval process and cutting compliance costs,' he said. Sundarajoo noted that the reforms are designed to create a more competitive, sustainable and inclusive property ecosystem in Penang. 'This policy reflects our commitment to both homebuyers and industry stakeholders. We will continue to engage with the public and private sectors to refine and update these guidelines,' he said. The MOC follows a string of state-led initiatives, including the Penang Home Ownership Campaign (HOC) and the State Property Sector Stimulus Policy, with the HOC 3.0 PLUS ended in December 2024. Related
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10 hours ago
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Bumiputera quota unaffected by Indian Muslim housing discount: Penang exco
The offer of a five percent discount for first-time homebuyers from the Indian Muslim community in Penang does not involve units under the bumiputera quota and does not affect any existing home ownership policies, said state executive councillor S Sundarajoo. Sundarajoo, who is in charge of housing and environment, said the initiative is part of efforts to expand home ownership opportunities in the open market, particularly for groups with low participation rates, without affecting the rights of other communities.
The Star
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Penang govt to study decision on 5% discount for first-time homebuyers among Indian Muslims, says Sim
GEORGE TOWN: The Penang government will review its decision to offer a 5% discount to first-time homebuyers among the Indian Muslim community for one year before implementing it, says Steven Sim. The Penang DAP chairman said he had discussed the matter with Chief Minister Chow Kon Yeow, adding that the latter agreed the matter to be brought up for review and discussion at the upcoming state executive council meeting. "I take note of the public feedback regarding the 5% discount given to the Indian Muslim community for the purchase of unsold (overhang) property units in Penang," he said in a statement. Sim said it is important for the state government to continue upholding the principles of social justice and to ensure that the right of every Malaysian to own a home is protected. Earlier, state housing committee chairman Datuk Seri S. Sundarajoo said the state government has approved measures to revitalise the property sector. Sundarajoo said the decision was made during the state executive council meeting on Saturday (June 7) and the state planning committee meeting on Tuesday (June 3), following discussions with housing industry stakeholders. He, however, said the discount excludes bumiputra quota units and does not affect existing housing policies. The provision of the discount is based on developers' social responsibility and does not involve financial support or subsidies from the state government. Meanwhile, state MCA secretary Yeoh Chin Kah criticised the state government over the measure, questioning if it introduces a new form of racial quota. He questioned why the Penang government couldn't base its housing policy on economic status rather than race and religion and said that DAP is promoting a "Malaysian Malaysia" while introducing racial policies that divide society.
