GEORGE TOWN – The Penang government plans to extend the Home Ownership Campaign (HOC) for another year until June 30, 2022, to help more locals own houses.
State Housing, Local Government and Town and Country Planning Committee chairman Jagdeep Singh Deo said this is aimed at reducing the burden of new house buyers while generating income for the real estate sector.
“Affordable housing has always been the choice of most buyers in Penang. This is evidenced by the property search record on the Penang Property Talk website related to 10 Most Viewed Projects (Jan-May 2021), where seven out of 10 searches involved affordable housing,” he said at a press conference today.
The HOC was introduced as an incentive for new house buyers, with stamp duty exemption and a discount of at least 10% on selling price to encourage home ownership among Malaysians.
Jagdeep said the state government will also provide incentives to developers who want to build affordable homes, including low- and medium-cost housing.
He added that since 2008, the state government has built 119,116 units, or 54.1% of the target set for affordable housing, with low-medium and low-cost units.
“I will fight for the construction of affordable housing for the people of Penang by targeting up to 220,000 units to be provided by 2030.”
Meanwhile, Jagdeep also announced the Penang Board of Housing’s (LPNPP) first project, an affordable housing scheme in Bukit Gedung, Bayan Baru.
He said the housing, comprising 253 units of low-medium cost houses and 1,014 affordable houses, is the board’s first project since it was formed in January.
“It will be built on 7.6 acres of land and equipped with various facilities, such as a swimming pool, gymnasium, and community hall. It is expected to be completed in 2025.”
LPNPP was established on January 1 after the gazetting of the Penang Housing Board Enactment 2010 on July 30, 2020. – The Vibes, June 14, 2021
