The state government plans to complete 4,545 units of affordable, low medium-cost (LMC) and low-cost (LC) properties in Penang by 2018.
State Housing and Town and Country Planning Committee chairman Jagdeep Singh Deo (pic) said of the 4,545 units, some 1,598 would be located on the island while the remaining 2,947 would be in Seberang Prai.
“By 2019 and beyond, another 18,000 units will be ready, of which 2,896 are planned for the island while the remaining 15,104 are for Seberang Prai.
“Thus there are 22,545 affordable, LMC, and LC properties planned by the state government,” he said.
The affordable properties are priced within the RM150,000 to RM400,000 price range, while the LMC and LC are priced at about RM72,500 and RM42,000 respectively.
Of the 22,545 units, 13,851 are in the affordable category while 7,874 are in the LMC segment and the remaining 820 units are LC units.
On the island, these projects are located in Teluk Kumbar, Jelutong and Jalan SP Chelliah while the projects for Seberang Prai are in Kampong Jawa, Ampang Jajar, off Jalan Berapit, Bukit Juru and Batu Kawan.
Jagdeep said these properties to be deve-loped by the state government would be showcased at the Star Property Fair 2015 at the Sunway Carnival Mall & Sunway Carnival Convention Centre from March 12 to March 15.
“We urge the public to visit the fair as there will be private developers promoting affordable projects too.
“We will also have officers there to help those eligible for affordable housing to register.
“I will also be giving a talk on March 14 on the overview and progress of affordable housing projects in the state,” he said.
Jagdeep said based on feedback from private developers involved in the affordable housing projects, the bank approval rate for such schemes was 85%.
To be eligible for a RM200,000 affordable property, the net household income has to be RM6,000, according to Jagdeep.
“For a RM300,000 unit, the net household income has to be RM8,000.
“To buy a RM400,000 home, the net household income required is RM10,000,” he said.
Jagdeep said the affordable housing scheme project was introduced in 2013 to bring down property prices.
“The move is gradually producing the effects we want to see.
“Affordable projects are now exerting price pressure on those properties priced from RM400,000 onwards,” he said. - BY The Star