|PR1MA projects for Penang
08 DECEMBER 2012 | SOURCE: NEW STRAITS TIMES
GEORGE TOWN: The dream of middle-income group earners in Penang to own a home will come true in three years, thanks to Prime Minister Datuk Seri Najib Razak and the 1Malaysia People’s Housing Scheme (PR1MA).
Najib is expected to announce several projects for Penang to address the housing shortage in the state during his visit here today at the Jelajah Janji DiTepati carnival at Universiti Sains Malaysia’s (USM) main campus here.
He is also expected to launch the registration exercise for the PR1MA project nationwide, after which online applications can also be made. PR1MA chief executive officer Datuk Abdul Mutalib Alias told a media briefing here yesterday
that the affordable housing project would cover several plots of federal land in Bukit Gelugor.
He said the site, which currently had upscale property developments around it, would see several high-rise units complete with amenities ranging from a day-care centre, open spaces, easy access for public transport and a commercial component.
“The units are expected to be tagged lower than the market price of similar properties in Penang. It’s going to take many by surprise when the prime minister announces the price of the units, considering that similar properties by private developers in the vicinity are between RM500,000 and RM600,000,”he said, adding that it would take 36 months for the project to be completed.
Mutalib also said there would be no quota for Bumiputera buyers as the proposed units were being offered at below market price.
He added that PR1MA had identified seven more locations on Penang island and Seberang Prai for future affordable housing projects.
"We will carry out these projects either via partnerships with other federal agencies or enter into joint ventures with private companies," he added, saying that PR1MA is discussing with Penang Regional Development Authority and JKP Sdn Bhd.
"We are anticipating a huge demand and the take-up rate may end up being oversubscribed as they do with blue-chip shares," he said, adding PR1MA was looking to engage with developers to make their properties more affordable.