Latest news with #MadaniInclusivePropertySectorCatalystPolicy
The Sun
15 hours ago
- Business
- The Sun
Housing discount for Penang's Indian Muslims to be reassessed: Penang CM
GEORGE TOWN: The Penang state executive council (MMK) will review the five per cent discount offer for first-time homebuyers from the Indian Muslim community in Penang and make an appropriate decision for the benefit of all parties. Chief Minister Chow Kon Yeow said he has directed State Housing and Environment Committee chairman, Datuk Seri S. Sundarajoo, to refine the policy with developers to extend the discount to all buyers. He said this is to ensure the policy is more inclusive and benefits all segments of society, in line with the principles of social justice. 'The state government has received various feedback regarding the announcement of the intervention measure to provide a five per cent discount to the Indian Muslim community for the purchase of unsold (overhang) property units, as announced by the State Housing and Environment Committee chairman on June 5. 'Some of the feedback and views received suggest that the discount should also be offered to all buyers to stimulate the property sector, particularly the sale of unsold properties or units,' he said in a statement today. On Thursday, Sundarajoo announced a five per cent discount for the Indian Muslim community for the purchase of residential and commercial units under the Madani Inclusive Property Sector Catalyst Policy (MOC). This is among several incentives in the policy, effective from June 1, 2025 to May 31, 2026, in addition to introducing a special category, Rumah MutiaraKu (RMKu) Type D, with a maximum ceiling price of RM400,000, and a reduction in contribution rates for developers who do not physically provide RMKu Type A or B units. The policy is an intervention measure to revitalise the property sector, following discussions and agreement with housing industry stakeholders, taking into account the increasingly concerning oversupply of non-affordable units in Penang. According to the Penang Property Market Report for the Fourth Quarter of 2024, issued by the National Property Information Centre (NAPIC), a total of 2,796 residential units have been identified as unsold, involving various types of residential properties across the state.
The Sun
15 hours ago
- Business
- The Sun
Penang to Reassess Indian Muslim Housing Discount
GEORGE TOWN: The Penang state executive council (MMK) will review the five per cent discount offer for first-time homebuyers from the Indian Muslim community in Penang and make an appropriate decision for the benefit of all parties. Chief Minister Chow Kon Yeow said he has directed State Housing and Environment Committee chairman, Datuk Seri S. Sundarajoo, to refine the policy with developers to extend the discount to all buyers. He said this is to ensure the policy is more inclusive and benefits all segments of society, in line with the principles of social justice. 'The state government has received various feedback regarding the announcement of the intervention measure to provide a five per cent discount to the Indian Muslim community for the purchase of unsold (overhang) property units, as announced by the State Housing and Environment Committee chairman on June 5. 'Some of the feedback and views received suggest that the discount should also be offered to all buyers to stimulate the property sector, particularly the sale of unsold properties or units,' he said in a statement today. On Thursday, Sundarajoo announced a five per cent discount for the Indian Muslim community for the purchase of residential and commercial units under the Madani Inclusive Property Sector Catalyst Policy (MOC). This is among several incentives in the policy, effective from June 1, 2025 to May 31, 2026, in addition to introducing a special category, Rumah MutiaraKu (RMKu) Type D, with a maximum ceiling price of RM400,000, and a reduction in contribution rates for developers who do not physically provide RMKu Type A or B units. The policy is an intervention measure to revitalise the property sector, following discussions and agreement with housing industry stakeholders, taking into account the increasingly concerning oversupply of non-affordable units in Penang. According to the Penang Property Market Report for the Fourth Quarter of 2024, issued by the National Property Information Centre (NAPIC), a total of 2,796 residential units have been identified as unsold, involving various types of residential properties across the state.
