Penang property market still robust despite oversupply, says official

State housing, local government, town and country planning committee Jagdeep Singh Deo speaks to the press regarding the overhang housing units in Penang December 31, 2018. — Picture by Sayuti Zainudin
State housing, local government, town and country planning committee Jagdeep Singh Deo speaks to the press regarding the overhang housing units in Penang December 31, 2018. — Picture by Sayuti Zainudin

GEORGE TOWN, Dec 31 — The rise in unsold homes in Penang will not adversely affect the property market here, said Jagdeep Singh Deo.

The local government, housing development and town and country planning committee chairman said the housing sector in Penang is still performing well.

“The market is very strong despite reports of overhang units throughout the whole country,” he said in a press conference today.

Although Penang ranked third in the number of overhang units in the country, Jagdeep said it is much lower than Johor that topped the list.

Overhang units are the number of housing units that was unsold in the market.

“We are successful in handling our overhang units,” he said.

In 2017, Penang had 2,271 unsold units; this increased by 990 to 3,261 units in 2018.

The number of overhang units in Johor was 3,901 units in 2017, which increased by 9,866 units to 13,767 units in 2018.

Based on these figures, Jagdeep said he is confident that Penang will do well in the housing sector.

“We hope that in 2019, we will see more federal-initiated affordable housing programmes and measures for first-time home buyers,” he said.

He said the Penang state government has surpassed its election pledge to build 76,000 units of affordable housing in the next five years.

“To date, we have built 97,000 units of affordable housing which surpassed our pledge and I’m sure by 2019, we will build beyond 100,000 units,” he said.

Earlier, he announced an upcoming property event, Penang Property Summit 2019, for January 5 and 6 at Spice Arena.

He said the property summit will showcase all properties in the primary and secondary market.

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