RM3.66 bln worth of unsold properties in Penang

GEORGE TOWN: Penang has the second-highest number of unsold properties in Malaysia with 4,683 completed housing units worth RM3.66 billion.

State Housing, Local Government, Town and Country Planning Committee chairman Jagdeep Singh Deo(pix) said Johor ranked first with 6,509 unsold properties worth RM4.89 billion.

The Federal Territory of Kuala Lumpur with 3,863 unsold units worth RM3.1 billion and Selangor with 3,367 units worth RM2.9 billion are third and fourth respectively.

“Of the total unsold housing units in Penang, only 347 units or 7 per cent are affordable houses priced at RM300,000 and below,” he said when debating the Supply Bill 2022 and the 2022 Development Budget Proposal here today.

He said the state government always reminded developers to give priority to affordable housing projects priced at RM300,000 and below and not just think of profit alone.

“In the current economic situation where all parties are affected by the Covid-19 pandemic, developers should be aware and take the opportunity to build more affordable homes.

“What is the point of them building a house priced at RM300,000 and above or up to RM1 million if it cannot be sold because most people cannot afford it,” he said.

Jagdeep added that the state government also plays a role in encouraging developers to build affordable housing by introducing various incentives such as reducing charges involving development and so on.-Bernama