GEORGE TOWN: There are 2,947 property units categorised as "overhang" or unsold in Penang as of the third quarter of this year (3Q 2023), said state Housing and Environment Committee chairman Datuk Seri S. Sundarajoo.

According to the National Property Information Centre, 503 of the unsold units are priced below RM300,000, or 17 per cent out of the 2,947 overhang units.

"Most of these unsold units are due to the applicant's failure to obtain financing from financial institutions," he said during the winding up session of the state's 2024 Budget at the Penang state legislative assembly sitting here today.

Sundarajoo added that the state government is always committed and serious about the housing agenda, as set out in the Penang Vision 2030 and the Penang Unity Government Manifesto 2023.

He said the state government will continue to ensure housing development in Penang will be provided in a balanced manner and developed holistically taking into account the needs of the local community.

"The state's Rumah Mampu Milik (RMM) initiative is a subsidised housing programme borne by the state government or private developers who want to develop housing in Penang.

"Thus, to enable a development to be implemented holistically, there are also costly housing components that need to be taken into account to provide cross-subsidies to RMM housing projects," he said.

Touching on the implementation of the state's urban regeneration projects, Sundarajoo said the state government through the Housing Board is ensuring that the supply of RMM can continue, in line with providing ergonomic and comfortable housing to the people of the state.

He said the urban regeneration projects are a strategic step to increase land use and improve the quality of life.

"Five urban regeneration pilot projects will be implemented under the urban renewal guidelines, while other schemes can be applied to the state government through the Housing Board to study their feasibility," he said. - Bernama