Latest news with #PenangState
Free Malaysia Today
2 days ago
- Business
- Free Malaysia Today
Indian Muslim housing discount doesn't violate rights of others, says exco
Penang executive councillor S Sundarajoo said the initiative is aimed at increasing homeownership among groups with low participation in the open market and is not being done at the expense of others. (Facebook pic) PETALING JAYA : Penang's housing and environment committee chairman, S Sundarajoo, has defended the 5% homeownership discount for Indian Muslims under the Madani Home Ownership Campaign, saying it does not infringe on the rights of other communities. Sundarajoo said the initiative is aimed at increasing homeownership among groups with low participation in the open market and is not at the expense of others. 'This discount is offered by developers as a form of social responsibility and does not involve any financial support or subsidy from the state government,' he said in a statement today. He also clarified that the discount does not apply to units under the Bumiputera quota and does not affect any existing housing policies, including quotas or incentives for first-time buyers. 'All existing housing policies, including the Bumiputera quota, remain in place and will continue to be implemented,' he said. Sundarajoo said the move is also in response to the growing number of unsold houses in Penang, with 2,796 overhang units identified across the state as of the fourth quarter of 2024, according to the National Property Information Centre. The discount was approved by the state executive council on May 7 and by the state planning committee on Tuesday after consultations with housing industry stakeholders, he said. He said it also aims to boost the property sector, which has been affected by rising construction and labour costs. 'This aligns with the state's goal of promoting balanced, sustainable, and inclusive development,' he said. On Thursday, Sundarajoo announced that private developers will be encouraged to voluntarily offer a 5% discount to first-time Indian Muslim homebuyers for one year. The initiative has drawn criticism from human rights lawyer Rajesh Nagarajan, who called the campaign discriminatory and unconstitutional. Policy to be reviewed, says Sim In a separate statement, Penang DAP chief Steven Sim said he has discussed the matter with chief minister Chow Kon Yeow, who has agreed that it will be brought for review and discussion at the upcoming state executive council meeting. He said that as a party founded on the principles of the Federal Constitution, DAP has always championed justice and the welfare of all Malaysians, regardless of race or religion. 'It is important that the Penang government continues to uphold the principle of social justice and ensures that every Malaysian's right to homeownership is protected,' he said.
Malay Mail
21-05-2025
- Business
- Malay Mail
Penang CM: New quit rent rates to be implemented from Jan 1, 2026
GEORGE TOWN, May 21 — New quit rent rates will be implemented from January 1 next year, Penang Chief Minister Chow Kon Yeow announced today. He said the state's land and mines office, along with the land office, is currently reviewing quit rent rates for all registered land titles in Penang. 'This process involves 373,109 land titles across the state,' he said in a written reply to Lee Boon Heng (PKR–Kebun Bunga) during the state legislative assembly session. Chow added that the review process will continue until the end of the year. 'This administration has proposed several options for new quit rent rates, which are now under consideration by the state executive council,' he said. He noted that the state executive council has yet to approve the proposed rates. 'The new rates are scheduled to take effect next year, but they have not been finalised,' he said. Chow also said first-grade land titles in Penang will be included in the review. 'There are 197,412 first-grade land titles in the state, making up 52.35 per cent of the total land titles,' he said. He explained that the quit rent rates for first-grade lands are currently based on their usage, but the existing rates do not reflect the actual value, resulting in revenue losses for the state.
Malay Mail
19-05-2025
- Business
- Malay Mail
Penang posts RM65m Q1 surplus for 2025 amid new revenue push
GEORGE TOWN, May 19 — The Penang state government recorded a surplus of RM65.3 million for the first quarter ending March 31, 2025, attributed to new revenue streams and expenditure cuts, the state legislative assembly was told today. Penang Chief Minister Chow Kon Yeow announced that the state registered revenue totalling RM268,463,025.36 against an expenditure of RM203,189,122.16 as at March 31. 'This resulted in a surplus of RM65,273,903.20 for the state's finances as at March 31, 2025,' he said in reply to a question from Goh Choon Aik (PKR-Bukit Tambun). Chow attributed this positive outcome to several initiatives undertaken by the state finance department to identify new revenue streams for 2025. He detailed that as at March 31, 2025, the state's Consolidated Fund stood at RM1.535 billion, comprising a Consolidated Revenue Account of RM199.22 million and a Consolidated Trust Account of RM1.33578 billion. Providing context from the previous year, Chow said the state's unaudited financial statement for the year ending 2024 showed the Consolidated Fund at RM1.38474 billion, compared to RM1.46604 billion in 2023. This comprised a Consolidated Revenue Account of RM155.94 million and a Consolidated Trust Account of RM1.22880 billion. For 2024, the Consolidated Revenue Account decreased by RM174.09 million compared to 2023, while the Consolidated Trust Account increased by RM92.79 million, Chow noted. 'The state government concluded the 2024 financial year with a deficit totalling RM174.09 million, which is lower compared to the 2023 deficit of RM358.8 million,' he stated. Chow explained that while revenue collected in 2024 reached RM810.46 million, the deficit arose from operating expenditure of RM719.55 million and transfers to the Development Fund totalling RM265 million. 'The state received an advance of RM100 million from the federal government to cover cash flow, which, among other things, contributed to the increase in the Consolidated Trust Account,' he added. Responding to an additional question on strategies to increase revenue, Chow outlined nine approaches. These include selling more state land, collecting an estimated RM6 million in quit rent arrears, and reviewing land title conversion processes. Chow added that the state is also considering a review of liquor licence fees, entertainment duty, and hotel room fees. 'We are also looking at reducing our expenditure, but it keeps increasing each year due to salary realignments, which impacts emoluments,' he said, also noting that expenditure for the i-Sejahtera social welfare aid programme has risen as more people qualify. Chow clarified that billions in foreign investments do not directly translate into state revenue, except through land sales. 'The benefits from investments manifest as job opportunities and a trickle-down effect for local suppliers,' he explained, adding that investors and suppliers pay taxes directly to the federal government. 'These are our limitations; we do not have natural resources to generate more state revenue,' he said. Regarding the RM100 million advance from the federal government, Chow said the state applied for it as a standby fund in case of a deficit. 'The projected deficit of more than RM500 million (for 2024) did not materialise, as we managed to increase our revenue and lower the deficit to about RM100 million,' he said, referencing the RM1.047 billion budget for 2024 tabled in November 2023. He confirmed the RM100 million fund remains available, but must eventually be returned to the federal government.
