GEORGE TOWN – Despite the Covid-19 pandemic, Penang’s residential property sector has done exceptionally well to buck the trend by raking in brisk sales in the third quarter of last year (Q3 2020).
State Local Government, Housing, Town and Country Planning Committee chairman Jagdeep Singh Deo said Penang sold RM3 billion worth of houses during the period, which is a 123% increase compared with RM620 million in the second quarter of last year (Q2 2020).
“The increase is mainly in the affordable housing sector. In Q2 2020, we sold 1,545 units, with sales more than doubled in Q3 2020 to 3,446 units.
“The affordable housing units serve as a lion share for Penang, and this is proof that the state is an investment destination for residential units,” he said at a press conference here today. Present was former International Real Estate Federation president Michael Geh and representatives from both city councils.
“This is proof that Penang is committed in fulfilling the housing needs of its people.
“We are committed to build 113,000 units by 2030, of which 38,000 units are completed, while another 18,000 is under construction and 57,000 under planning.”
He said the Penang Housing Board since January 1 aims to look into the state’s housing needs.
“We have identified five plots of land, measuring 29.5ha, in five districts to build affordable housing units and notified the federal government of our intention.
“However, the housing board will continue to build the units even if the federal government fails to show interest.”
Geh said even though the property overhang situation is serious in the Klang Valley, Johor, Perak and Kedah, the same cannot be said for Penang.
“The unsold commercial and residential units in those states are mainly due to them being built in undesirable and unpopular locations.
“The developers have to look for strategic locations to attract buyers so that the problem of unsold property can be avoided.” – The Vibes, February 22, 2021
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