GEORGE TOWN – The Penang government plans to extend its house ownership campaign to the year’s end following the implementation of the movement control order and imposition of emergency, which is expected to continue until August.
State housing, local government and town and country planning committee chairman Jagdeep Singh Deo said this measure aimed to reduce the burdens of new house buyers during this difficult time, and to boost the economy in the real estate sector.
“In Penang, we have almost 3,000 unsold houses worth RM 2.9 billion. Out of this number, only 0.8% of affordable homes priced under RM300,000 are still unsold. We will try to assist this sector as it is important in ensuring cash flow in the market,” he said at a news conference here today.
The campaign was introduced as an incentive to new house buyers, with stamp duty exemption and a discount of at least 10% of the sales price from housing developers in encouraging house ownership among the locals.
Jagdeep said the state government had approved almost 4,000 applications for low-cost, low medium-cost, and affordable homes.
He said it was committed to having a supply of affordable homes with prices ranging from RM42,000 for low-cost units, RM72,500 for low medium and up to RM300,000 for various affordable units. – Bernama, January 14, 2021
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