With many first-time buyers experiencing difficulties in securing housing loans, the Penang government has identified about 1,037 units for its rent-to-own initiative.
Penang exco for housing Jagdeep Singh Deo said during a site visit in Tasek Gelugor today that the state government will "continue to prioritise housing for the needy."
"Apart from ensuring the delivery of low-cost, low medium-cost and affordable housing, we will also identify more housing schemes to be delivered by way of rent-to-own."
Jagdeep said that out of the 1,037 units, only those Taman Seruling Emas and Taman Sungai Duri Emas have been occupied by 84 families.
A total of 71 units have been reserved for residents of Ladang Byram and will be offered to them soon, while two rent-to-own projects in K Park and Taman Sri Desa are still under construction.
The exco also noted that Penang has already surpassed its target of building 76,000 low and low-medium, and affordable housing units by 2025.
Since 2008, a total of 29,959 low and low-medium, and affordable housing units having been built, with a further 23,567 units currently under construction, and 48,809 having been approved.
"This brings the number of affordable homes to 102,335," he said.
"With 102,335 units of such housing schemes, I have decided we have to assist people who cannot even obtain a loan from banks by introducing other initiatives for them to obtain their homes, namely by way of rent-to-own, through the state." - Mkini
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