THE newly completed Taman Sejahtera Rakyat housing project in Simpang Ampat near Nibong Tebal has been successfully converted into a rent-to-own (RTO) housing scheme.
Chief Minister Chow Kon Yeow said the RTO housing scheme is part of the state government’s initiative to tackle the issue of high loan rejection rates for first-time home buyers, especially for affordable housing.
“The project’s construction started in 2018 at a cost of RM5.5 million and is fully borne by the Penang government.
“The project is already 100% completed and the Certificate of Compliance and Completion (CCC) was obtained on April 8 last month.
“Now, all the 41 units would be given to those from lower income group to buy their first home through the scheme.
“This shows that the state government is committed to helping the lower income group to buy their first home through the RTO scheme.
“It is also hoped with this project, it will become a game changer in improving the social and economic status of the local residents in the area,” Chow said in his speech at the offer letter and key handover ceremony for the rent-to-own housing scheme at Taman Sejahtera Rakyat today.
Also present were state Local Government, Housing, Town and Country Planning Committee chairman Jagdeep Singh Deo, Sungai Bakap assemblyman Dr Amar Pritpal Abdullah, Seberang Perai City Council (MBSP) mayor Datuk Rozali Mohamud, Penang Development Corporation (PDC) chief executive officer Datuk Mohd Bazid Abd Kahar and Penang Housing Board general manager Ainul Fadhilah Samsudi.
Chow said a total of 10 recipients received the offer letters and another 19 recipients received their housing keys.
“Once they have paid the RM1,100 deposit, we will give them the keys.
“The Housing Board also will choose the next batch of recipients soon to be handed over the offer letters for the remaining units,” he added.
Through the scheme, Chow said tenants would have to pay RM300 monthly (each unit costs RM72,500) for a 15-year period without any interest before the home ownership could be transferred to them.
Each unit has three bedrooms and one bathroom.
According to Jagdeep, currently there are 2,474 housing units under the RTO scheme in Penang.
“Our goal is to have 22,000 RTO units by 2030. We are also looking forward to adding more units to be rolled out in the RTO scheme.
“This shows that the state government is taking the housing issue very seriously and we care for our people,” he said.
Story by Riadz Akmal
Pix by Ahmad Adil Muhamad
Video by Law Suun Ting