Latest news with #MADANIHomeOwnershipCampaign
BusinessToday
a day ago
- Business
- 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
The Sun
a day ago
- Business
- The Sun
Housing discount for Indian Muslims won't affect bumiputera quota
JOHOR BAHRU: The offer of a five per cent 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 Datuk Seri 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. 'This discount is being offered as a form of corporate social responsibility by developers and does not involve any financial support or subsidy from the state government. 'The state government would like to emphasise that all existing housing policies, including the Bumiputera quota and various incentives for first-time homebuyers, remain intact and will continue to be enforced,' he said in a statement today in response to criticism from several quarters regarding the discount. Last Thursday, Sundarajoo announced a five per cent discount incentive for the Indian Muslim community for the purchase of residential and commercial units under the MADANI Home Ownership Campaign (MOC), which is effective from June 1, 2025 to May 31, 2026. Other initiatives include the introduction of a special housing category, Rumah MutiaraKu Type D (RMKu D), with a maximum price of RM400,000, and 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. Sundarajoo said the five per cent discount is an additional measure complementing various existing programmes already in place to meet housing needs in the state. He explained that it is an intervention to help reinvigorate the property sector following discussions and consensus among housing industry stakeholders, taking into account the growing concern over the oversupply of non-affordable units in Penang. 'According to the Q4 2024 Penang State Property Market Report issued by the National Property Information Centre, 2,796 residential units were identified as overhang, involving various types of properties across the state,' he said. In addition to improving housing accessibility, he said the initiative also aims to revitalise the property sector affected by rising construction and labour costs, in line with the state government's aspiration to achieve more balanced, sustainable and inclusive development in Penang.
Barnama
3 days ago
- Business
- Barnama
Penang Offers Discount To Indian Muslims Under Home Ownership Campaign
GENERAL GEORGE TOWN, June 5 (Bernama) -- The Penang state government will offer a five percent discount to Indian Muslims for the purchase of residential and commercial units under the newly introduced MADANI Home Ownership Campaign (MOC), part of the MADANI Inclusive Property Sector Catalyst Policy. State Housing and Environment Committee chairman Datuk Seri 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 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, alongside State Local Government and Town and Country Planning Committee chairman H'ng Mooi Lye. 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 percent open market release limit has been increased to 50 percent. However, a release fee of 10 percent of the selling price will be imposed. He added that upgrade packages for open market units will be capped at 50 percent 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 A and 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 No. 5/2025 on June 3, 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.
The Sun
3 days ago
- Business
- The Sun
Penang offers discount to Indian Muslims under home ownership campaign
GEORGE TOWN: The Penang state government will offer a five percent discount to Indian Muslims for the purchase of residential and commercial units under the newly introduced MADANI Home Ownership Campaign (MOC), part of the MADANI Inclusive Property Sector Catalyst Policy. State Housing and Environment Committee chairman Datuk Seri 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 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, alongside State Local Government and Town and Country Planning Committee chairman H'ng Mooi Lye. 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 percent open market release limit has been increased to 50 percent. However, a release fee of 10 percent of the selling price will be imposed. He added that upgrade packages for open market units will be capped at 50 percent 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 A and 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 No. 5/2025 on June 3, 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.
