The rise in housing prices in Penang correlates with the growth in household income, Datuk Seri Sundarajoo Somu (PH-Perai) said.

Replying to an oral question posed by Muhammad Fauzi Yusoff (PN-Sungai Dua) during the State Legislative Assembly yesterday, Sundarajoo, a first-term assemblyman, substantiated his claim with the data reported in the Property Market Report in the second quarter of this year.

“Based on the information from the National Property Information Centre (NAPIC), only 502 out of 2,901 units, equivalent to 17.3%, remain unsold in the state. The unsold houses, priced at RM300,000 and below, are primarily due to unapproved loans from financial institutions.

“In addition, the Real Estate Sector Stimulus Policy and the Home Ownership Campaign (HOC) initiated by the state have yielded positive results for the market.

“Through these policies, maximum housing prices have been reduced by 10%, with affordable housing on Penang island and Seberang Perai now priced at RM270,000 and RM225,000 respectively.

“Our initiatives have enabled the people of Penang to become homeowners,” he explained.

Sundarajoo pointed out the state still maintains control over the ceiling prices for affordable housing, capping it at RM300,000, despite other states in the country having raised their housing prices.

“We are currently working on introducing a new housing category for the B2 families. The targeted price meant for this category is RM100,000, specifically tailored for the youths with a total household of RM5,000,” he added.

The following are the types of affordable housing units in Penang along with their control prices:

• RMM A – 650sq ft (RM42,000)
• RMM B – 750sq ft (RM72,500)
• RMM C1 – 750sq ft with renovation (RM150,000)
• RMM C2 – 800sq ft (RM250,000)
• RMM C3 – 850sq ft (RM300,000)

Source: Buletin Mutiara