GEORGE TOWN, January 4 — The state of Penang has witnessed a notable surge in the availability of affordable houses (RMM), with an increase of 154,685 units or 70.31 per cent at various stages from 2008 to December 31 last year. Datuk Seri S. Sundarajoo, the State Housing and Environment Committee chairman, revealed that out of this total, 50,700 RMM units have been successfully completed, while 20,249 units are currently under construction, and 83,736 units are in the planning or approval stage. Sundarajoo emphasized the strong demand in the RMM segment and urged developers to actively contribute to the supply of affordable housing.
Additionally, he announced the extension of the Home Ownership Campaign 3.0 Plus (HOC 3.0 Plus) from January 1 to December 31 this year. This policy, initiated in 2020, aims to stimulate the property sector and facilitate homeownership in Penang. During a press conference addressing the extension of HOC 3.0 and the Property Sector Stimulation Policy in 2024, Sundarajoo outlined four key initiatives under the HOC 3.0 Plus policy. These initiatives include a 10 per cent reduction in the ceiling price of RMM Category C, with a minimum area of 850 square feet.
The second initiative focuses on preserving the sale of unsold finished units or “overhang.” Furthermore, Sundarajoo highlighted adjustments in the ceiling price limits for property purchases by foreigners. This involves reducing the ceiling price for strata properties on the island from RM1 million to RM700,000, and in Seberang Perai from RM500,000 to RM400,000. Similarly, hillside properties on the island are adjusted from RM3 million to RM1.5 million, and in Seberang Perai from RM1 million to RM750,000 as part of the second initiative.
