Latest news with #SSundarajoo
BusinessToday
07-06-2025
- 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
Malaysiakini
07-06-2025
- Business
- Malaysiakini
Bumiputera quota unaffected by Indian Muslim housing discount: Penang exco
The offer of a five percent discount for first-time homebuyers from the Indian Muslim community in Penang does not involve units under the bumiputera quota and does not affect any existing home ownership policies, said state executive councillor S Sundarajoo. Sundarajoo, who is in charge of housing and environment, said the initiative is part of efforts to expand home ownership opportunities in the open market, particularly for groups with low participation rates, without affecting the rights of other communities.
Malaysiakini
07-06-2025
- Business
- Malaysiakini
Bumiputera quota unaffected by Indian Muslim housing discount: Penang exco
The offer of a five percent discount for first-time homebuyers from the Indian Muslim community in Penang does not involve units under the bumiputera quota and does not affect any existing home ownership policies, said state executive councillor S Sundarajoo. Sundarajoo, who is in charge of housing and environment, said the initiative is part of efforts to expand home ownership opportunities in the open market, particularly for groups with low participation rates, without affecting the rights of other communities.
Free Malaysia Today
22-04-2025
- Business
- Free Malaysia Today
Penang to redevelop 3 squatter settlements into modern housing areas
S Sundarajoo said the redevelopment project is part of Penang's mission to eliminate squatter settlements and improve living conditions for residents. (Bernama pic) GEORGE TOWN : Penang is planning to redevelop three squatter settlements in Seberang Perai into modern residential areas this year. State housing and environment committee chairman S Sundarajoo said the redevelopment would provide the residents with larger and more comfortable homes, free of charge. 'The villages involved are Kampung Manis, which has nearly 300 homes; Kampung Main Road in Perai, with 128 homes; and Kampung Ujung Batu in Bagan Dalam, with 357 homes. All of the residents have agreed to the proposed redevelopment project. 'Most of the homes were built illegally decades ago. For example, Kampung Manis has existed for over 70 years,' Sundarajoo told reporters after the Penang Housing Board's 2024 Excellence in Service appreciation ceremony and Hari Raya Aidilfitri gathering last night. He added that the initiative was part of Penang's broader mission for zero squatter settlements while ensuring improved living conditions for residents. Sundarajoo said the state government had issued a request for proposal for the redevelopment although the total cost had yet to be finalised. According to the plan, the projects will begin with the construction of relocation homes for the residents, followed by the development of mixed housing including Mutiara affordable homes and shoplots. 'We hope to break ground on at least two of the three projects this year. Kampung Manis, covering 36.7 acres, and Kampung Ujung Batu, covering 15 acres, will be prioritised and rebranded under the Rumah Mutiara Madani initiative,' he said. Sundarajoo also reported that as of April 20, the state had delivered 166,607 housing units, representing 75.73% of its target to supply 220,000 units of affordable homes by 2030. For the rent-to-own programme, he said 5,096 units or 23.16% of the 22,000-unit target had been achieved. In addition, the Penang Housing Board has identified 6,814 units under six urban renewal pilot projects, surpassing the initial goal of benefiting 3,000 families.
