Latest news with #PenangStateHousingBoard
New Straits Times
18-06-2025
- Business
- New Straits Times
Penang extends housing discount to all buyers after criticism
GEORGE TOWN: The Penang government has agreed to extend the five per cent housing discount to all buyers of completed but unsold properties, classified as overhang units. This came after the state was criticised for only offering the housing discount to the Indian Muslim community. Chief Minister Chow Kon Yeow said the state executive council (Exco) meeting today unanimously agreed to expand the five per cent discount provision to all buyers for the purchase of overhang properties. "The discount is valid for a period of one year under the MADANI Ownership Campaign (MOC) and limited to participating developers registered with the Penang State Housing Board (LPNPP). "It will focus on identified unsold units, with relevant information to be obtained from the National Property Information Centre (NAPIC)," he told newsmen at a press conference here today. Chow said there are currently 2,729 overhang properties in the state for all categories of housing. The figure was as of the first quarter of this year. According to NAPIC, the overhang properties valued at RM2.04 billion. About half of the overhang properties' value comprised properties above RM1 million. Prior to this, Chow had instructed state Housing Committee chairman Datuk Seri S. Sundarajoo to review the housing discount policy for Indian Muslims, with the aim of expanding it to all buyers. He said this was to ensure the housing discount policy was more inclusive and benefitted all segments of society, in line with principles of social justice.
Barnama
05-06-2025
- 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
05-06-2025
- 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.
