Penang has recorded an increase in the supply of affordable houses (RMM) by 154,685 units or 70.31 per cent at various stages from 2008 to December 31 last year.

State Housing and Environment Committee chairman Datuk Seri S. Sundarajoo said from the total, 50,700 units of RMM have been completed followed by 20,249 units under construction while 83,736 units are still at planning or approval stage.

“The RMM segment has strong demand and I urged all developers to continue actively supply RMM and the state government haS also extended Home Ownership Campaign 3.0 Plus (HOC 3.0 Plus) starting January 1 to December 31 this year.

“The policy which was implemented since 2020 is aimed at stimulating the property sector and at the same time assist the people to own houses in Penang,” he told a press conference on the extension of HOC 3.0 and the Property Sector Stimulation Policy at Penang level in 2024.

He said through the HOC 3.0 Plus policy, there are four targeted initiatives which are aimed at the people involving a 10 per cent reduction in the ceiling price of RMM C with a minimum area of 850 square feet and then the second is the initiative to preserve the sale of unsold finished units or “overhang”.

Sundarajoo said that through the second initiative, the reduction of the ceiling price limit for the purchase of properties allowed for foreigners, namely strata properties on the island from RM1 million previously to RM700,000 and Seberang Perai from RM500,000 to RM400,000 while hillside properties on the island from RM3 million to RM1.5 million and Seberang Perai RM1 million to RM750,000.

Source: Bernama