Nearly 3,000 unsold housing units in Penang in third quarter

The property overhang in Penang is due to applicants’ failure to obtain financing, Penang housing and environment exco S. Sundarajoo says. – The Malaysian Insight file pic, November 29, 2023.

PENANG Housing and Environment Committee chairman S. Sundarajoo said there were 2,947 overhung/unsold property units categorised as “overhang” or unsold in Penang as of the third quarter this year.

The National Property Information Centre showed 503, or 17%, of the unsold units were priced below RM300,000.

“Most of these unsold units are due to applicants’ failure to obtain financing,” he said while winding up the state’s Budget 2024 debate at the assembly sitting today.

Sundarajoo said the state government would continue ensuring housing development in Penang was provided in a balanced, holistic manner, taking into account the needs of the local community.

“The state’s Rumah Mampu Milik (RMM) initiative is a subsidised housing programme borne by the state government or private developers who want to develop housing in Penang.

Sundarajoo said the state government, through its Housing Board, would ensure the supply of RMMs can continue, in line with providing ergonomic and comfortable housing to people of the state.

He said urban regeneration projects were a strategic step to increase land use and improve quality of life.

“Five urban regeneration pilot projects will be implemented under urban renewal guidelines, while applications of other schemes can be submitted to the state government through the Housing Board,” he said. – Bernama, November 29, 2023.

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