Latest news with #MadaniHomeOwnershipCampaign
The Star
19-06-2025
- Business
- The Star
5% housing discount for all a fair move, say groups
GEORGE TOWN: The Penang government's decision to give a 5% housing discount on overhang properties to all house buyers is well received by political parties and associations. Penang MCA secretary Yeoh Chin Kah, in welcoming the move, said any policy introduced must be grounded in the principle of supporting vulnerable groups, rather than being based on racial or religious distinctions. 'It is vital that the state government exercises prudence and ensures fairness across the board,' he said. He said the state must address the issue of oversupply in the mid-range housing segment with urgency. 'A downward price adjustment may be necessary to better align with the actual needs of the people,' said Yeoh in a statement. 'The 5% housing discount should be strictly reserved for vulnerable and genuinely qualified individuals, as they truly need the assistance,' he added. Yeoh said it must not be misused or allocated indiscriminately to parties who may exploit the opportunity for speculation, thereby inflating property prices further. 'We welcome the state government's willingness to recognise its shortcomings and take corrective action,' he said. Yesterday, Penang Chief Minister Chow Kon Yeow said the state executive council decided to extend the discount to all buyers for a year under the Madani Home Ownership Campaign. He said the discount is limited to developers who registered with the state in the campaign and those registered with the state Housing Board. The Penang government courted controversy earlier when it announced on June 5 that the 5% discount would only be given to Indian Muslims. Penang MIC chief Datuk J. Dhinagaran said the state has made the right move to offer the discount to all rather than one particular community. 'Everyone should benefit from the programme as there are many who haven't bought their first property, and this will be an opportunity for them to purchase one. 'Any policy created should be beneficial to all, which is the most logical thing to do for a fair and equitable society,' added Dhinagaran. Penang Hindu Association president P. Murugiah said every group or community should benefit from housing programmes, and the state government's decision to give a 5% discount to all was most welcome. 'People from B40 and M40 groups should benefit from this programme as many individuals face a lot of hurdles when purchasing their first property. 'This discount will help them save money, which could be used for other purposes such as fees for sales and purchase agreements,' he said.
Malaysiakini
18-06-2025
- Business
- Malaysiakini
Penang extends 5pct discount for overhang property to all buyers
The Penang state executive council today agreed to extend the five percent discount for the purchase of overhang properties in the state to all buyers. Chief Minister Chow Kon Yeow said the conditions remain unchanged, as previously announced, with the discount offered for one year under the Madani Home Ownership Campaign (MOC).
The Star
18-06-2025
- Business
- The Star
Penang extends 5% discount on overhang properties to all buyers
GEORGE TOWN: The 5% housing discount for first-time house buyers, which was earlier given to Indian Muslims, has been extended to all, says Chow Kon Yeow. The Chief Minister said the state exco met on Wednesday (June 18) and decided to extend the discount to all buyers for a year under the Madani Home Ownership Campaign. "It is limited to developers who take part in the campaign and those registered with the state Housing Board," said Chow at a press conference at Komtar o on Wednesday (June 18). "The focus will be on the 2,796 unsold units with information on the identified properties will be given by the National Property Information Centre. The state courted controversy earlier when it announced on June 5 that the 5% discount would be given to Indian Muslims under the campaign, inviting criticism from political parties such as MCA and MIC. The parties said the policy should not be based on race and religion but rather on economic status and the 5% discount should be given to all.
Malaysiakini
18-06-2025
- Business
- Malaysiakini
Penang extends 5pct discount for overhang property to all buyers
The Penang state executive council today agreed to extend the five percent discount for the purchase of overhang properties in the state to all buyers. Chief Minister Chow Kon Yeow said the conditions remain unchanged, as previously announced, with the discount offered for one year under the Madani Home Ownership Campaign (MOC).
The Star
09-06-2025
- Business
- The Star
Penang seeks to expand 5% home discount to all buyers
GEORGE TOWN: The 5% housing discount for first-time homebuyers involving the Indian Muslim community will be reviewed, says Chow Kon Yeow. The Penang Chief Minister said he has instructed state housing and environment committee chairman Datuk Seri S. Sundarajoo to review the policy with developers to expand the discount to all buyers. He said the move will make it more inclusive and beneficial to all segments of society in line with the principle of social justice. 'Some of the views received suggested that such a discount should also be offered to all buyers to revitalise the property sector, especially in relation to the sale of unsold new property units,' he said in a statement yesterday. The state executive council, Chow said, would study the matter and make an appropriate decision in the interest of all parties. On Thursday, Sundarajoo told reporters that from June 1 until May 31 next year, developers would be encouraged to offer Indian Muslims who are first-time homebuyers a 5% discount under the Madani Home Ownership Campaign. On Saturday, he issued a formal statement on the matter but about an hour later, Penang DAP chairman Steven Sim announced that Chow agreed to suspend the discount offer pending the review. The initial policy announced by the state government was criticised by MCA, which described it as racially divisive. State MCA secretary Yeoh Chin Kah questioned why the Penang government could not base its housing policy on economic status rather than race and religion, expressing confusion that DAP, a party advocating for a 'Malaysian Malaysia', would introduce such a racially framed initiative. 'The people of Penang cannot accept this policy and condemn it for dividing the races,' he said.
