The Penang state authorities has expanded its 5% housing low cost initiative to all consumers of unsold accomplished properties, generally generally known as overhang items. Beforehand restricted to chose teams, the low cost is now obtainable to all purchasers, not simply first-time householders.
Chief Minister Chow Kon Yeow mentioned the choice was unanimously accredited throughout the state government council (MMK) assembly on June 18. The initiative stays beneath the prevailing MADANI Possession Marketing campaign (MOC) and can be in impact for one 12 months.
“This displays our dedication to decreasing the variety of unsold accomplished housing items in Penang,” Chow mentioned at a press convention in Komtar. He famous that each one beforehand introduced circumstances nonetheless apply, together with that solely builders registered with the Penang State Housing Board (LPNPP) are eligible to supply the low cost.
Eligible properties have to be confirmed as overhang items, with verification by the Nationwide Property Info Centre (NAPIC). At present, there are 2,796 such items throughout varied housing classes within the state.
Chow expressed hope that the broader low cost will encourage homeownership, assist clear the property overhang, and help collaborating builders.
Additionally current on the occasion have been Jason H’ng Mooi Lye, chairman of the Native Authorities, City and Nation Planning Committee, and Seberang Perai Metropolis Council (MBSP) mayor Datuk Baderul Amin Abdul Hamid.
