Penang adds 1,133 homes to rent-to-own scheme, RM49.26m allocated

Penang has added 1,133 homes across five projects to its rent-to-own programme, with RM49.26 million allocated this year. The state-purchased units bring the total RTO homes under the programme to 13,277, or about 60% of its 22,000-unit target by 2030.

GEORGE TOWN: Penang has added 1,133 homes across five projects to its rent-to-own (RTO) programme, with RM49.26 million allocated this year. The state purchased the units through its trust fund for RTO schemes aimed at helping lower-income households overcome financing hurdles, said state housing and environment committee chairman Datuk Seri S Sundarajoo, as quoted in The Vibes on Sept 11.

The units were added through the Penang Housing Board (LPNPP) for households able to make monthly housing payments but facing difficulty obtaining conventional bank financing. Among the latest additions are 187 units at Mak Mandin Indah and 144 at Vista Perdana — both in Butterworth, 107 at Pekatra Indah in Simpang Ampat, and 55 at Harmoni Vista in Teluk Kumbar, according to a Facebook post by Sundarajoo.

The remaining 640 units — more than half the total — are at Pangsapuri Pinang Setia in S P Setia Bhd’s Setia Fontaines township in Bertam, Kepala Batas, targeted for completion in 2029. Under the programme, eligible applicants rent the homes before obtaining a pathway to ownership, with monthly payments starting from RM250 over 15 years, subject to project terms and conditions.

The latest tranche brings the number of RTO homes under the state programme to 13,277, or about 60% of its target of 22,000 units by 2030. Bernama reported in April that the state had set the target under Penang2030's Strategic Initiative A1, which focuses on housing affordability and diversity.

“Providing housing is not merely about how many homes we build. More importantly, it is about how many people ultimately get the opportunity to own a home they can call their own,” Sundarajoo said in his Facebook post. Meanwhile, Penang’s Rumah MutiaraKu (RMKu) programme has reached 176,457 units, or 80.2% of the state’s target of 220,000 units by 2030.

Sundarajoo said the state would continue to pursue more flexible and inclusive housing approaches that take into account the financial capabilities of Penang residents.