GEORGE TOWN – The Penang government reminded developers to be responsible when selling their properties by ensuring that buyers are thoroughly screened.
This is to ensure that only eligible first-time buyers can buy affordable units in the state, said state executive councillor Jagdeep Singh Deo.
Jagdeep said this is to curb widespread speculation, which he admitted is one of the reasons why property prices have gone up in Penang and the country.
The role of developers here to ensure that there is no speculation is crucial, Jagdeep said after accompanying Chief Minister Chow Kon Yeow to the launch of the affordable housing project in Batu Maung, which is developed by a new player, Slim Haus Development Sdn Bhd.
Slim Haus has innovated affordable housing to offer units of between RM250,000 and RM350,000 by using the industrialised building system, where their units are slim and compact, yet cosy.
Jagdeep said that all developers need to adequately adhere to the process of screening potential buyers.
This way, he said, affordable units would be accorded to first-timers, and speculators would be prevented from purchasing such units.
Property speculators tend to inflate prices artificially, creating a property bubble that may come crashing down or burst when the economy nosedives.
Some quarters are now worried, in view of the present global economic uncertainties due to the persistence of the Covid-19 pandemic.
“Speculators are one of the main reasons why housing prices are steep here and the rest of the country. We need to curtail such practices,” said Jagdeep.
Jagdeep later issued a statement saying that despite the pandemic, work on constructing affordable units continues in Penang.
As of today, from the state’s target to have 220,000 affordable units ready by 2030, the state has reached 113,960 units with 38,149 completed, 18,519 under construction, and 57,292 under the planning stage. – The Vibes, May 8, 2021
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