PENANG Housing Board will build its first affordable housing project in Bukit Gedung, Bayan Baru, and it is scheduled to be completed by 2025.
Penang housing committee chairman Jagdeep Singh Deo said the board, headed by Chief Minister Chow Kon Yeow, decided in a recent meeting that the project would comprise 1,267 low medium-cost and affordable housing units.
“In line with our aim to have more affordable housing for the people, the board is keen to move ahead smoothly with its first project.
“The development will be on a 3ha plot.”
Meanwhile, homebuyers will continue to benefit from the state’s housing ownership campaign (HOC) through a 10% reduction of maximum ceiling prices.
“The price ceiling for affordable housing is RM300,000 on the island and RM250,000 on the mainland.
“During the HOC period, we will assist buyers by reducing prices by 10% across the board,” said Jagdeep.
He said developers could now build more low medium-cost homes through a change in the guidelines, allowing them to build up to almost double their previous numbers.
“Developers in the past were allowed to build 120 units per acre for low medium-cost units.
“We have agreed to allow them to increase density with a higher plot ratio of 1:4, almost double the number they could build.
“This means we will get more housing units through better optimisation of land usage,” he said.