GEORGE TOWN – Penang wants 35,574 affordable housing applicants to update their registration details with the state to determine if they remain interested in acquiring the subsidised homes. A total of 152,000 units will be rolled out soon.
State exco for housing and environment Datuk Seri S. Sundarajoo said 43,260 had registered with the state since the 1990s of which only 7,686 or 17.7% bothered to update their registration with the state housing board.
The others – some 35,000 applicants – have yet to reply to the state’s queries on whether they remain interested in buying such homes, Sundarajoo said.
“The state is anxious to track down other applicants on whether they remain interested in purchasing affordable housing and to update their status,” he told a press conference.
Some applicants may have lost interest after their housing loan applications were rejected or some have enjoyed higher income, which prevented them from being entitled to affordable housing, as well as other factors, said Sundrajoo.
Hence, it is important that they re-connect with the housing board to provide updates.
He said the applicants, who must all be Penang-born or residents, can continue to seek housing if they are transferred to other states, such as civil servants.
Penang plans to offer up to 220,000 affordable units under its Vision 2030 development master plan whereas 152,263 will be rolled out in the next few years.
Presently, 67,000 applicants for four affordability categories have received keys to their units in the four districts on the island and in Prai (mainland).
Sundarajoo disclosed that out of the 152, 263 units; 60,700 have been completed, 20,469 are under construction and 81,000 are at the planning stage.
The gross development value for the units are valued at RM150 million and it involves 27 developers throughout Penang.
He also said that Penang plans to build a close rapport with the financiers and banks to come up with a simplified method of applying for loans.
This will also include new models and loan packages to entice both the lenders and buyers.
He said that the concurrent dialogues with bankers have yielded an understanding that property loans in the state are at low risks even for affordable housing.
As many of such units are subsidised; some houses are sold at RM42,000 due to the subsidy accorded when their commercial market value is RM150,000.
Banks can recoup their loans, as there is demand for affordable housing.
The issue is ensuring that the applicants can meet the credit conditions imposed, he said.
To cater to the singles, Penang will also introduce into the market a 750 sq ft studio apartment valued at RM150,000 each.
Also, for new graduates, a RM100,000 category measuring 750 sq ft, would also be constructed to meet the anticipated demand, said Sundarajoo.
Penang offers six types of affordable housing which ranges from RM42,000 to RM300,000 measuring 750 sq ft to 900 sq ft.
To qualify, one must be earning a household income of between RM2,500 and RM12,000.
In the next few weeks, Sundarajoo also announced that 915 applicants would be getting keys to their affordable units.
He assured that the process of selecting the candidates is transparent, as it would be done online on a first-come-first-serve basis. – The Vibes, September 19, 2023
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