GEORGE TOWN, June 18 — The Penang government is now giving a 5 per cent discount to anyone who takes up completed but long unsold homes in the state.
Chief Minister Chow Kon Yeow said the decision was made today to help reduce the number of overhang properties in Penang.
“There are 2,729 overhang units in Penang,” he said at a press conference, referring to unsold homes that have been completed for more than nine months.
These homes have a total value of RM2.04 billion, based on data from the National Property Information Centre (Napic) for the first quarter of 2025.
The discount is part of the Madani Ownership Campaign and will last for one year.
It only applies to projects by developers registered with the Penang Housing Board.
Most of the unsold units – 2,044 – are apartments or condominiums.
There are 699 unsold homes priced below RM300,000, worth RM180 million.
Another 730 homes are priced between RM300,001 and RM500,000, worth RM300 million.
Homes priced above RM1 million make up 646 units, with a total value of RM1.07 billion.
The expansion follows the state government’s previous announcement that the discount would apply only to Indian Muslims, which led to public criticism.
Chow later asked the state housing exco, Datuk Seri S. Sundarajoo, to review the policy so that it would be fair to everyone.
