TASEK GELUGOR, Dec 30 (Bernama) — The Penang Regional Development Authority (PERDA) plans to build 5,000 houses in Seberang Perai Utara over the next five years, with a development value exceeding RM1 billion for the people of Penang.
PERDA chairman Datuk Dr Shaik Hussein Mydin said the large-scale housing project will include affordable housing and rent-to-own units to help the middle- and low-income groups.
“About 10 per cent, or 500 units, will be under the rent-to-own concept to enable some to rent first before fully owning the units after about 20 years.
“There will be many, especially villagers, who may have difficulties getting housing loans. So this rent-to-own scheme has been created to make it easier for them to pay monthly and eventually own their own homes,” he said after officiating PERDA's Back-to-School Programme in partnership with subsidiary PERDA Ventures Incorporated Sdn Bhd (PVISB).
About 200 students received RM150 cash vouchers each to purchase school uniforms and supplies.
Shaik Hussein said the 5,000 units will be built on 202.34 hectares (500 acres) on PERDA-owned land in several strategic locations around Seberang Perai Utara.
PERDA will sell the affordable units below RM300,000, although some may be priced higher depending on current market conditions. They will be cheaper compared with other housing developers’ offerings.
“PERDA does not make large profits. There are projects where we do not profit at all because PERDA is an agency established for the people, not for profit.
“Moreover, when the state and federal governments are under the same administration, many approval processes for PERDA projects are made easier. Previously delayed projects were also successfully resolved,” he said.
He added that details of the 500 rent-to-own units are expected to be announced soon. They will be launched before the middle of next year. Approval has been received and is now at the final planning stage.
— BERNAMA
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