Latest news with #PenangPropertyMarketReport
Barnama
18-06-2025
- Business
- Barnama
MOC: Penang Extends Five Pct Discount For Overhang Units To All Buyers
GENERAL GEORGE TOWN, June 18 (Bernama) -- The Penang State Executive Council (MMK) today agreed to extend the five per cent 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). 'It is also limited to participating developers registered with the Penang State Housing Board (LPNPP). 'The discount is also focused on units identified as unsold, for which relevant information will be obtained from the National Property Information Centre (NAPIC),' he told a press conference at Komtar today. Chow said, according to the Penang Property Market Report for the Fourth Quarter of 2024 released by NAPIC, a total of 2,796 residential units have been identified as unsold, involving various types of residential properties across the state. Previously, State Housing and Environment Committee Chairman Datuk Seri S. Sundarajoo announced a five per cent discount for the Indian Muslim community for the purchase of residential and commercial properties via the MOC, but the initiative was later reviewed following public criticism. The discount is among several incentives under the policy, effective from June 1, 2025, to May 31, 2026, including the introduction of a new 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. --BERNAMA
The Sun
18-06-2025
- Business
- The Sun
MOC: Penang extends 5% discount for overhang units to all buyers
GEORGE TOWN: The Penang State Executive Council (MMK) today agreed to extend the five per cent 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). 'It is also limited to participating developers registered with the Penang State Housing Board (LPNPP). 'The discount is also focused on units identified as unsold, for which relevant information will be obtained from the National Property Information Centre (NAPIC),' he told a press conference at Komtar today. Chow said, according to the Penang Property Market Report for the Fourth Quarter of 2024 released by NAPIC, a total of 2,796 residential units have been identified as unsold, involving various types of residential properties across the state. Previously, State Housing and Environment Committee Chairman Datuk Seri S. Sundarajoo announced a five per cent discount for the Indian Muslim community for the purchase of residential and commercial properties via the MOC, but the initiative was later reviewed following public criticism. The discount is among several incentives under the policy, effective from June 1, 2025, to May 31, 2026, including the introduction of a new 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 Sun
18-06-2025
- Business
- The Sun
Penang extends 5% discount on overhang properties
GEORGE TOWN: The Penang State Executive Council (MMK) today agreed to extend the five per cent 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). 'It is also limited to participating developers registered with the Penang State Housing Board (LPNPP). 'The discount is also focused on units identified as unsold, for which relevant information will be obtained from the National Property Information Centre (NAPIC),' he told a press conference at Komtar today. Chow said, according to the Penang Property Market Report for the Fourth Quarter of 2024 released by NAPIC, a total of 2,796 residential units have been identified as unsold, involving various types of residential properties across the state. Previously, State Housing and Environment Committee Chairman Datuk Seri S. Sundarajoo announced a five per cent discount for the Indian Muslim community for the purchase of residential and commercial properties via the MOC, but the initiative was later reviewed following public criticism. The discount is among several incentives under the policy, effective from June 1, 2025, to May 31, 2026, including the introduction of a new 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 Star
07-06-2025
- Business
- The Star
Penang new discount to boost housing sector gets called out
GEORGE TOWN: In response to concerns over the oversupply of non-affordable housing units, the Penang state government has approved measures to revitalise the property sector. State housing committee chairman Datuk Seri S. Sundarajoo said the decision was made during the state executive council meeting on Saturday (May 7) and the state planning committee meeting on Tuesday (June 3), following discussions with housing industry stakeholders. "According to the Penang Property Market Report for the fourth quarter of 2024 by the National Property Information Centre (NAPIC), 2,796 residential units are identified as overhang, involving various property types across the state," he said on Saturday (June 7). The state government encourages private developers to offer a 5% discount to first-time homebuyers among the Indian Muslim community for one year. The discount excludes Bumiputera 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. "This initiative aims to expand homeownership opportunities in the open market for groups with historically low participation rates without compromising the rights of other communities," he said. Sundarajoo added that all existing housing policies, including the Bumiputera quota and various incentives for first-time buyers, remain intact. The initiative is an addition to existing programmes designed to meet the state's housing needs. The measure also aims to stimulate the property sector, which has been affected by rising construction material and labour costs, in line with the state government's aspiration for balanced, sustainable, and inclusive development in Penang. Meanwhile, state MCA secretary Yeoh Chin Kah criticised the state government over the measure, questioning if it introduces a new form of racial quota. "Sundarajoo announced that from June 1 this year until May 31 next year, Indian Muslims will be eligible for a 5% discount on residential or commercial properties. "The people of Penang cannot accept this policy and condemn it for dividing races," he said. 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. "Don't low-income groups who are not Indian Muslims also need assistance? Shouldn't struggling families be treated equally and helped regardless of background," he said.
