SOME 80 potential homeowners showed up to have their names drawn at a TREEO balloting ceremony held at the Penang International Commercial City (PICC) gallery.
State Housing Committee chairman Jagdeep Singh Deo urged developers to give more attention to affordable housing in the interests of Penangites.
“In 2018, the number of unsold units in Penang was 3,445 units.
“But out of that number, only 117 units were in the low, low medium-cost and affordable housing category.
“The way forward is affordable housing,” he said in his speech at the ceremony.
Also present were Hunza Group managing director Datuk Khor Siang Gin and executive director Lily Tan.
Affordable housing is a new category of housing introduced by the state government in 2013.
Jagdeep also said the state government had implemented price and size control policy for affordable housing.
“The ceiling price for affordable housing on the island and the mainland is set at RM300,000 and RM250,000 respectively.
“Meanwhile, the size of an affordable home cannot be less than 800sq ft,” he said.
Khor said the TREEO project was the group’s first affordable housing venture in line with the state government’s policy of allowing the middle-income folk to own a house.
“Hunza is proud to step forward to help the state government deliver its pledge of affordable homes to improve the quality of living of Penangites.
“We have a proven track record of quality and service excellence so you can be sure that TREEO will be a quality product.”
TREEO will be located in Sungai Ara.
The diverse nearby amenities include the Penang International Airport, Penang Bridge, shopping malls, hospital, hypermarket, schools, eateries, and convention centre.
The development comprises three towers of 1,240 freehold units of 872sq ft or 883sq ft each.
The units feature three bedrooms and two bathrooms.
Facilities include a swimming pool, multi-purpose hall, indoor and outdoor gym as well as a playground.
Round-the-clock security will be provided and most of the units come with two parking lots.
First-time buyers get to enjoy exemptions on memorandum of transfer stamp duty and loan agreement fees.
The ground-breaking ceremony was held in March 2018 and the project is expected to be completed by 2022.
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