Latest news with #S.Sundarajoo
The Sun
08-06-2025
- Business
- The Sun
Housing discount for Penang's Indian Muslims to be reassessed: Penang CM
GEORGE TOWN: The Penang state executive council (MMK) will review the five per cent discount offer for first-time homebuyers from the Indian Muslim community in Penang and make an appropriate decision for the benefit of all parties. Chief Minister Chow Kon Yeow said he has directed State Housing and Environment Committee chairman, Datuk Seri S. Sundarajoo, to refine the policy with developers to extend the discount to all buyers. He said this is to ensure the policy is more inclusive and benefits all segments of society, in line with the principles of social justice. 'The state government has received various feedback regarding the announcement of the intervention measure to provide a five per cent discount to the Indian Muslim community for the purchase of unsold (overhang) property units, as announced by the State Housing and Environment Committee chairman on June 5. 'Some of the feedback and views received suggest that the discount should also be offered to all buyers to stimulate the property sector, particularly the sale of unsold properties or units,' he said in a statement today. On Thursday, Sundarajoo announced a five per cent discount for the Indian Muslim community for the purchase of residential and commercial units under the Madani Inclusive Property Sector Catalyst Policy (MOC). This is among several incentives in the policy, effective from June 1, 2025 to May 31, 2026, in addition to introducing a special category, Rumah MutiaraKu (RMKu) Type D, with a maximum ceiling price of RM400,000, and a reduction in contribution rates for developers who do not physically provide RMKu Type A or B units. The policy is an intervention measure to revitalise the property sector, following discussions and agreement with housing industry stakeholders, taking into account the increasingly concerning oversupply of non-affordable units in Penang. According to the Penang Property Market Report for the Fourth Quarter of 2024, issued by the National Property Information Centre (NAPIC), a total of 2,796 residential units have been identified as unsold, involving various types of residential properties across the state.
The Sun
08-06-2025
- Business
- The Sun
Penang to Reassess Indian Muslim Housing Discount
GEORGE TOWN: The Penang state executive council (MMK) will review the five per cent discount offer for first-time homebuyers from the Indian Muslim community in Penang and make an appropriate decision for the benefit of all parties. Chief Minister Chow Kon Yeow said he has directed State Housing and Environment Committee chairman, Datuk Seri S. Sundarajoo, to refine the policy with developers to extend the discount to all buyers. He said this is to ensure the policy is more inclusive and benefits all segments of society, in line with the principles of social justice. 'The state government has received various feedback regarding the announcement of the intervention measure to provide a five per cent discount to the Indian Muslim community for the purchase of unsold (overhang) property units, as announced by the State Housing and Environment Committee chairman on June 5. 'Some of the feedback and views received suggest that the discount should also be offered to all buyers to stimulate the property sector, particularly the sale of unsold properties or units,' he said in a statement today. On Thursday, Sundarajoo announced a five per cent discount for the Indian Muslim community for the purchase of residential and commercial units under the Madani Inclusive Property Sector Catalyst Policy (MOC). This is among several incentives in the policy, effective from June 1, 2025 to May 31, 2026, in addition to introducing a special category, Rumah MutiaraKu (RMKu) Type D, with a maximum ceiling price of RM400,000, and a reduction in contribution rates for developers who do not physically provide RMKu Type A or B units. The policy is an intervention measure to revitalise the property sector, following discussions and agreement with housing industry stakeholders, taking into account the increasingly concerning oversupply of non-affordable units in Penang. According to the Penang Property Market Report for the Fourth Quarter of 2024, issued by the National Property Information Centre (NAPIC), a total of 2,796 residential units have been identified as unsold, involving various types of residential properties across the state.
New Straits Times
07-06-2025
- Business
- New Straits Times
Housing discount for Indian Muslims won't affect Bumiputera quota
GEORGE TOWN: The offer of a five per cent discount for first-time homebuyers from the Indian Muslim community in Penang does not involve units under the Bumiputera quota and does not affect any existing home ownership policies, said state executive councillor Datuk Seri S. Sundarajoo. Sundarajoo, who is in charge of housing and environment, said the initiative is part of efforts to expand home ownership opportunities in the open market, particularly for groups with low participation rates, without affecting the rights of other communities. "This discount is being offered as a form of corporate social responsibility by developers and does not involve any financial support or subsidy from the state government. "The state government would like to emphasise that all existing housing policies, including the Bumiputera quota and various incentives for first-time homebuyers, remain intact and will continue to be enforced," he said in a statement today in response to criticism from several quarters regarding the discount. Last Thursday, Sundarajoo announced a five per cent discount incentive for the Indian Muslim community for the purchase of residential and commercial units under the Madani Home Ownership Campaign (MOC), which is effective from June 1, 2025 to May 31, 2026. Other initiatives include the introduction of a special housing category, Rumah MutiaraKu Type D (RMKu D), with a maximum price of RM400,000, and a reduction in contribution rates for developers who do not physically build RMKu Type A or B units — from RM120,000 to RM100,000 in areas under the Penang Island City Council, and from RM120,000 to RM72,500 under the Seberang Perai City Council. Sundarajoo said the five per cent discount is an additional measure complementing various existing programmes already in place to meet housing needs in the state. He said that it is an intervention to help reinvigorate the property sector following discussions and consensus among housing industry stakeholders, taking into account the growing concern over the oversupply of non-affordable units in Penang. "According to the Q4 2024 Penang State Property Market Report issued by the National Property Information Centre, 2,796 residential units were identified as overhang, involving various types of properties across the state," he said. In addition to improving housing accessibility, he said the initiative also aims to revitalise the property sector affected by rising construction and labour costs, in line with the state government's aspiration to achieve more balanced, sustainable and inclusive development in Penang.
The Sun
07-06-2025
- Business
- The Sun
Housing discount for Indian Muslims won't affect bumiputera quota
JOHOR BAHRU: The offer of a five per cent discount for first-time homebuyers from the Indian Muslim community in Penang does not involve units under the Bumiputera quota and does not affect any existing home ownership policies, said state executive councillor Datuk Seri S. Sundarajoo. Sundarajoo, who is in charge of housing and environment, said the initiative is part of efforts to expand home ownership opportunities in the open market, particularly for groups with low participation rates, without affecting the rights of other communities. 'This discount is being offered as a form of corporate social responsibility by developers and does not involve any financial support or subsidy from the state government. 'The state government would like to emphasise that all existing housing policies, including the Bumiputera quota and various incentives for first-time homebuyers, remain intact and will continue to be enforced,' he said in a statement today in response to criticism from several quarters regarding the discount. Last Thursday, Sundarajoo announced a five per cent discount incentive for the Indian Muslim community for the purchase of residential and commercial units under the MADANI Home Ownership Campaign (MOC), which is effective from June 1, 2025 to May 31, 2026. Other initiatives include the introduction of a special housing category, Rumah MutiaraKu Type D (RMKu D), with a maximum price of RM400,000, and a reduction in contribution rates for developers who do not physically build RMKu Type A or B units — from RM120,000 to RM100,000 in areas under the Penang Island City Council, and from RM120,000 to RM72,500 under the Seberang Perai City Council. Sundarajoo said the five per cent discount is an additional measure complementing various existing programmes already in place to meet housing needs in the state. He explained that it is an intervention to help reinvigorate the property sector following discussions and consensus among housing industry stakeholders, taking into account the growing concern over the oversupply of non-affordable units in Penang. 'According to the Q4 2024 Penang State Property Market Report issued by the National Property Information Centre, 2,796 residential units were identified as overhang, involving various types of properties across the state,' he said. In addition to improving housing accessibility, he said the initiative also aims to revitalise the property sector affected by rising construction and labour costs, in line with the state government's aspiration to achieve more balanced, sustainable and inclusive development in Penang.
The Star
07-06-2025
- Business
- The Star
Penang new discount to boost housing sector gets called out
GEORGE TOWN: In response to concerns over the oversupply of non-affordable housing units, the Penang state government has approved measures to revitalise the property sector. State housing committee chairman Datuk Seri S. Sundarajoo said the decision was made during the state executive council meeting on Saturday (May 7) and the state planning committee meeting on Tuesday (June 3), following discussions with housing industry stakeholders. "According to the Penang Property Market Report for the fourth quarter of 2024 by the National Property Information Centre (NAPIC), 2,796 residential units are identified as overhang, involving various property types across the state," he said on Saturday (June 7). The state government encourages private developers to offer a 5% discount to first-time homebuyers among the Indian Muslim community for one year. The discount excludes Bumiputera quota units and does not affect existing housing policies. The provision of the discount is based on developers' social responsibility and does not involve financial support or subsidies from the state government. "This initiative aims to expand homeownership opportunities in the open market for groups with historically low participation rates without compromising the rights of other communities," he said. Sundarajoo added that all existing housing policies, including the Bumiputera quota and various incentives for first-time buyers, remain intact. The initiative is an addition to existing programmes designed to meet the state's housing needs. The measure also aims to stimulate the property sector, which has been affected by rising construction material and labour costs, in line with the state government's aspiration for balanced, sustainable, and inclusive development in Penang. Meanwhile, state MCA secretary Yeoh Chin Kah criticised the state government over the measure, questioning if it introduces a new form of racial quota. "Sundarajoo announced that from June 1 this year until May 31 next year, Indian Muslims will be eligible for a 5% discount on residential or commercial properties. "The people of Penang cannot accept this policy and condemn it for dividing races," he said. He questioned why the Penang government couldn't base its housing policy on economic status rather than race and religion and said that DAP is promoting a "Malaysian Malaysia" while introducing racial policies that divide society. "Don't low-income groups who are not Indian Muslims also need assistance? Shouldn't struggling families be treated equally and helped regardless of background," he said.
