Penang State EXCO for Housing and Town Planning Jagdeep Singh Deo spoke on the importance of private and public partnership for the development of affordable housing in Penang.
The talk, which was held at Hunza Gurney Paragon, drew more than 100 participants from the property market.
“As you know the main reason for (property) prices skyrocketing is because of activities that are speculative in nature, so we have address and curb this activities,” said Jagdeep.
Jagdeep also spoke at length on the initiatives and actions taken by the Penang state government to provide affordable housing across the state.
Among the regulations are the owners of affordable homes (below RM400,000 on the island and RM250,000 on the mainland) will be barred from reselling them in the first five years.
Apart from that, all low cost homes (up to RM42,000) and low-medium cost homes (up to RM72,500) purchased cannot be sold for 10 years from the date of Sale and Purchase Agreement. Those who wish to sell during the first 10 years must appeal to the state government and can only be sold to “listed buyers”.
Jagdeep also said that a total of 22,500 affordable units will be built in Penang over the next 10 years.