KEPALA BATAS: The Penang Regional Development Authority (Perda) plans to build 5,000 units of affordable homes in north Seberang Perai over the next five years, with a total value exceeding RM1bil.
Chairman Datuk Dr Shaik Hussein Mydin said the large-scale development will feature a mix of residential options, including affordable housing and 500 units under a rent-to-own (RTO) scheme, aimed at helping middle- and lower-income earners achieve home ownership.
"These RTO schemes will allow more people, especially from B40 families, to buy their dream homes by renting before they can finally own the house in 20 years," he said after officiating the Back to School Programme organised by Perda and Perda Ventures Incorporated Sdn Bhd (PVISB).
He noted that many people, especially in rural communities, face difficulties securing housing loans. The RTO scheme was introduced to make it easier for this group to pay monthly and eventually own their homes.
The development will cover 202.34 hectares (500 acres) of Perda-owned land at several strategic locations in the district. The 500-unit RTO housing project is expected to be announced soon and will launch before mid-next year.
Affordable homes sold by Perda are priced within RM300,000, though some units may exceed that threshold depending on market conditions. However, prices remain lower than those offered by private developers.
“We will not take excessive profits. In fact, there are projects where we do not take any profit at all, as Perda was established to serve the people, not to generate profits.
“Moreover, when both the state and federal governments are under the same administration, many approval processes for Perda projects become smoother. Projects that were previously delayed have been successfully resolved,” he said.
Perda is confident the construction target of 5,000 homes in SPU can be achieved within five years, helping to ease home ownership challenges and sustainably meet the housing needs of Penang residents.
