At a cost of almost RM6.45 million, the Penang Housing Board (LPNPP) is going to build 3-storey low-cost flats on an abandoned plot of land near Lorong Murai Jaya here and is expected to be fully completed within 12 months from now.

Chief Minister, Y.A.B. Tuan Chow Kon Yeow informed that eligible local residents will be given priority to be offered units through a project that will consist of 36 residences with a floor area of ​​700 sq.ft. per unit through the rent-to-own method for a period of up to 25 years as stipulated by LPNPP.

“These houses may not be sold but eligible applicants will be offered to pay rent (through the ‘rent-to-own’ method) which when the term (‘rent-to-own’) expires within a period of 20 years or 25 years (i.e. ) payment every month (completed), finally the house will belong to the residents.

“This would mean they don’t need to get a (housing) loan from the bank (first), but can continue to move in because this is the State Government’s social responsibility,” he explained before completing the groundbreaking ceremony for the project here yesterday.

According to Mutiara Bulletin, the 0.8 acre land for the low-cost housing has already been abandoned for almost 35 years and the private developer firm has finally agreed to hand over the vacant land to the local authority (PBT).

The State Government through the LPNPP appointed the Penang Development Corporation (PDC) to manage the development of the abandoned land.

Source: Buletin Mutiara