THE Penang government has unanimously agreed to widen the scope of its 5% discount initiative for unsold completed properties, commonly referred to as overhang units, to include all buyers.
Chief Minister Chow Kon Yeow said the decision was made during the state executive council (MMK) meeting today and marks a key step in addressing property overhang in the state.
“We have agreed to expand the 5% discount to cover all buyers, not just first-time homeowners.
“This reflects our commitment to reducing the number of unsold completed housing units in Penang,” Chow told reporters during a media conference in Komtar today.
He added that the campaign remains under the existing MADANI Ownership Campaign (MOC), and all previously announced conditions will continue to apply.
“This initiative will be implemented for one year and is limited to participating developers who are registered with the Penang State Housing Board (LPNPP),” Chow explained.
He noted that the properties eligible for this discount must be confirmed as unsold completed units, with data verified and obtained through the National Property Information Centre (NAPIC).
“We hope this move will encourage more take-up of ready-built properties, benefit genuine homebuyers, and also help reduce the property glut in Penang,” Chow said.
He also stated that there were 2,796 overhang units of various housing categories in Penang.
Also present earlier were the state Local Government, Town and Country Planning Committee chairman Jason H’ng Mooi Lye, and Seberang Perai City Council (MBSP) mayor Datuk Baderul Amin Abdul Hamid.
Story by Edmund Lee
Pix by Adleena Rahayu Ahmad Radzi
Video by Alissala Thian