Penang’s property market is getting a boost with new incentives designed to address housing oversupply while making homeownership more accessible. State officials have announced that a previously restricted 5% discount on unsold completed properties will now be offered to all buyers, removing earlier limitations that favored specific groups.
The expanded initiative, part of the ongoing MADANI Ownership Campaign, received full approval during a recent state executive council meeting. Chief Minister Chow Kon Yeow emphasized that the move aims to reduce the growing inventory of unsold homes while stimulating market activity. Only developers registered with the Penang State Housing Board can participate, ensuring proper oversight.
To qualify, properties must be officially classified as overhang units by the National Property Information Centre. Currently, Penang has nearly 2,800 such units across different housing segments. Authorities believe the broader discount will not only help clear excess inventory but also support developers facing financial strain from prolonged unsold stock.
Local officials, including key committee and city council representatives, attended the announcement, signaling strong government backing for the initiative. With the policy now in effect for a full year, Penang hopes to see increased home purchases and a healthier real estate market overall.