Penang sees drop in property overhang, says state exco

Jagdeep said the National Property Information Centre (NAPIC) report showed that the number of unsold houses in Penang dropped from 3,916 in 2017 to 3,502 units last year. — Picture by Sayuti Zainudin
Jagdeep said the National Property Information Centre (NAPIC) report showed that the number of unsold houses in Penang dropped from 3,916 in 2017 to 3,502 units last year. — Picture by Sayuti Zainudin

GEORGE TOWN, May 3 — Penang has bucked the trend among states by registering a drop in the number of unsold housing units last year, said state executive councillor in charge of housing, Jagdeep Singh Deo.

He said the National Property Information Centre (NAPIC) report showed that the number of unsold houses in Penang dropped from 3,916 in 2017 to 3,502 units last year.

“Although the issue of property overhang has affected us and all other major towns in Malaysia, like Johor, Selangor, Federal Territory of Kuala Lumpur, I am happy to state that we have managed the unsold housing units.

“Other states have seen a very alarming increase, up to even two to three hundred per cent, especially in Johor, where we saw (an increase) every year on year,” he told a media conference here today.

He said according to the NAPIC report, several states registered an increase in overhang, with Johor’s increasing from 4,376 units in 2017 to 6,066 units in 2018; Perak’s from 2,276 to 5,367 units, and Selangor’s from 3,713 to 4,693.

“Penang remains as a very attractive (location for) investment in property. I call upon all Malaysians to look to Penang to invest where property is concerned. This is a turnaround; while all (other) urbanised states are suffering on overhang, we actually saw a reduction,” he said.

In another development, Jagdeep said the state government’s application to upgrade the Seberang Perai Municipal Council (MPSP) to city council may be tabled before the Cabinet this month.

He said the application had been submitted to Housing and Local Government Minister Zuraidah Kamaruddin, who said MPSP had met the criteria for upgrading to city status.

“I was told it may be tabled in the Cabinet this month. If all requirements have been met, as the minister said, then we will see a new mayor,” he said.

Jagdeep also congratulated the Penang Island Municipal Council and MPSP for maintaining their five-star ratings with marks of 95.8 per cent and 95.9 per cent respectively. — Bernama

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