Penang fully supports the Federal Government's call for developers to reduce housing prices.
We have already made many inroads where this is concerned and now it is time for the Federal Government to act and be firm!* Since the formation of SPEC (7/6/2013), we have already had 48 meetings to select eligible applicants for low cost, low medium cost and affordable housing.
Whilst it is extremely important that only those who are eligible to access such housing, it is also extremely important that the Penang State government continues to ensure there is adequate stock of such low cost, low medium cost and affordable housing.
In this regard, I am very happy to repeat that we have actually surpassed our target as announced in our manifesto for GE14 of 75,000 units if such housing, whereby to date, we have 28,195 low cost, low medium cost and affordable housing physically built, and 22,065 such housing in various stages of building and a further 32,212 units approved to be built.
I would also like to announce that the Penang State government has kept to it's pledge to ensure we can make housing more affordable.
In this regard, we are in the process of reviewing all charges upon developers, so as we can assist them.
However, I want to stress that these charges where Penang is concerned does not have such as an impact on the actual effect to housing prices as claimed by the housing stakeholders.
This is simply because they can still sell their houses at prices way beyond affordability.
Having regard to this fact, I would like to echo the Finance Minister’s comments, that in line with our efforts now nationally, to reduce the cost of housing, by the exemption of SST on materials used for housing, all stakeholders in the development of such affordable housing must make a commitment that they will also reduce the pricing of housing so as to make it more accessible, not only to all Malaysian's, but to Penangites, as we embark on this exercise of a review to reduce charges on developers.