170,000 Penang homes cannot be sold for 10 years

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Still remember one latest measure by the Penang state government to ensure the price of properties remain affordable but only for the deserved? Latest news is that 170,000 of Penang homes are affected by this moratorium. This is from a list of 1,182 stratified projects on the island which are considered low cost and low-medium cost units for first time buyers. State housing, town and country planning committee chairman Jagdeep Singh Deo said the list consisting of 174, 564 units, including low-cost (LC) and low-medium cost (LMC) units, had been handed over to the Land Office.

This will be the list that will be used as terms of reference by the Land Office in vetting transactions for such units. Just to recap, under the new ruling meant to clamp down on property speculation, a moratorium of up to 10 years will be imposed on LC units costing up to RM42,000 and LMC units of up to RM72,500.

I have no doubt that this will ensure the LC units remain in the hands of those who needs such units. However, we shall have to see if the vetting can be done without fear, favour or corruption. I also feel that this should also be made compulsory for all buyers of such units in Malaysia, not just in Penang. Be reminded, affordable housing is a public need. It is not for those who can afford many such units to buy and resell it more expensively in future. If only everyone can follow what my friend said, ‘My mum said she does not want to apply for the LMC eventhough she qualifies because she is staying with me and she does not want to take something from others who are more deserving’.

written on 18 March 2014.

Next suggested article: Affordable Penang properties, where are they?

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