MOC: Penang Extends Five Pct Discount For Overhang Units To All Buyers

GEORGE TOWN, June 18 (Bernama) -- The Penang State Executive Council (MMK) today agreed to extend the five per cent discount for the purchase of overhang properties in the state to all buyers.

Chief Minister Chow Kon Yeow said the conditions remain unchanged, as previously announced, with the discount offered for one year under the MADANI Home Ownership Campaign (MOC).

“It is also limited to participating developers registered with the Penang State Housing Board (LPNPP).

“The discount is also focused on units identified as unsold, for which relevant information will be obtained from the National Property Information Centre (NAPIC),” he told a press conference at Komtar today.

Chow said, according to the Penang Property Market Report for the Fourth Quarter of 2024 released by NAPIC, a total of 2,796 residential units have been identified as unsold, involving various types of residential properties across the state.

Previously, State Housing and Environment Committee Chairman Datuk Seri S. Sundarajoo announced a five per cent discount for the Indian Muslim community for the purchase of residential and commercial properties via the MOC, but the initiative was later reviewed following public criticism.

The discount is among several incentives under the policy, effective from June 1, 2025, to May 31, 2026, including the introduction of a new 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.

--BERNAMA