Latest news with #RMKu
The Sun
2 days 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
2 days 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.
BusinessToday
3 days ago
- Business
- BusinessToday
Penang Rolls Out MADANI Property Policy With Incentives To Spur Market Growth
The Penang state government has launched the MADANI Property Policy, a bold initiative aimed at revitalising the property market while promoting inclusivity and affordability. The policy, introduced under the MADANI Home Ownership Campaign (MOC), combines targeted buyer incentives, developer-friendly reforms and new affordable housing tiers to stimulate growth in the state's real estate sector. Announcing the policy, State Housing and Environment Committee chairman Datuk Seri S Sundarajoo said the campaign will run from June 1, 2025, to May 31, 2026, and is expected to drive higher homeownership rates while encouraging the approval of strategic developments. A key feature of the initiative is a 5% discount for Indian Muslim buyers purchasing residential or commercial units during the campaign period, a move aimed at increasing participation from underrepresented communities. The policy also introduces a new affordable housing category, Rumah MutiaraKu Type D (RMKu D), capped at RM400,000 and targeted at households earning up to RM15,000 per month. RMKu D units cannot be resold on the open market or used to meet mandatory affordable housing quotas, underscoring the state's intention to maintain affordability for genuine buyers. Developers, meanwhile, will benefit from reduced contribution rates if they opt not to build RMKu Type A or B units: From RM120,000 to RM100,000 in Penang Island City Council areas From RM120,000 to RM72,500 in Seberang Perai City Council areas Meanwhile, Sundarajoo also announced that developers who fall short of affordable housing unit quotas may now receive waivers on related sale or purchase charges. 'They may also be exempt from social impact assessment reports under specific conditions, streamlining the approval process and cutting compliance costs,' he said. Sundarajoo noted that the reforms are designed to create a more competitive, sustainable and inclusive property ecosystem in Penang. 'This policy reflects our commitment to both homebuyers and industry stakeholders. We will continue to engage with the public and private sectors to refine and update these guidelines,' he said. The MOC follows a string of state-led initiatives, including the Penang Home Ownership Campaign (HOC) and the State Property Sector Stimulus Policy, with the HOC 3.0 PLUS ended in December 2024. Related
Malay Mail
5 days ago
- Business
- Malay Mail
Penang offers 5pc housing discount for Indian Muslims under new Madani campaign
GEORGE TOWN, June 5 — The Penang state government will offer a five per cent 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 per cent open market release limit has been increased to 50 per cent. However, a release fee of 10 per cent of the selling price will be imposed. He added that upgrade packages for open market units will be capped at 50 per cent 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. — Bernama
Free Malaysia Today
5 days ago
- Business
- Free Malaysia Today
5% discount for Indian Muslims under new home ownership campaign
State housing and environment committee chairman S Sundarajoo is confident the implementation of the new policy will help raise home ownership levels among Penangites. (Bernama pic) GEORGE TOWN : The Penang state government will offer a 5% discount to Indian Muslims for the purchase of residential and commercial units under the newly-introduced MADANI Home Ownership Campaign (MOC), as part of the MADANI Inclusive Property Sector Catalyst Policy. State housing and environment committee chairman 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 Type 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. 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% open market release limit has been increased to 50%. However, a release fee of 10% of the selling price will be imposed. He added that upgrade packages for open market units will be capped at 50% 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 Type A and Type 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 on Wednesday, 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.
