Penang to build 500,000 affordable homes in next 15 years

PENANG made history by sealing an agreement to help a public-listed developer, Skyworld Development Berhad, complete 500,000 affordable home units in 15 years. Construction is scheduled to begin by the first quarter of 2025.

The project has become the country's largest housing project, and the buyers are categorised as the low- to middle-income (B40) to middle-income (M40) working classes.

The project, known as the "Rumah Bakat Baru Madani" affordable housing scheme, is scheduled to commence soon and built under the fast track basis.

It also marks the entry of Skyworld into Penang in a big way, competing with established peers such as Ideal Group, Ivory Group and the Singaporean IJM Group.

The signing ceremony was graced by Prime Minister Datuk Seri Anwar Ibrahim and Housing and Local Government Minister Nga Kor Ming.

Penang Chief Minister Chow Kon Yeow witnessed the signing ceremony between the Penang Development Corporation (PDC), its subsidiary PDC Properties, and SkyWorld.

PDC owns the land while Skyworld would develop and sell it with the help of the state agency.

“The state, through PDC and PDC Properties, takes the extra effort to introduce Rumah Bakat Baru Madani, to provide an equal chance for non-Penangites working in the state to own a home," Chow stressed.

The ceremony was held at the St Regis Hotel in Kuala Lumpur.

Each unit measuring 900 sq ft will have three bedrooms and two bathrooms.

The apartments will be sold between RM225,000 and RM420,000 each.

“We have identified two plots of land in Seberang Perai, namely 34 acres of land in Seberang Jaya (Jalan Todak in front of Penang Bird Park), and another 161.5 acres of land near Batu Kawan (Design Village Outlet Mall) for the development.

 “From these two locations, more than 35,000 affordable housing units will be built and they are targeted to be completed in 15 years,” Chow said.

 The construction would employ the Prefabricated Prefinished Volumetric Construction (PPVC) method, making Penang the first state to adopt this approach under the Environmental, Social, and Governance (ESG) framework.

 Following an open tender process, SkyWorld Development Berhad emerged as the successful bidder. Chow congratulated the company and expressed confidence in its ability to deliver the project on time and to standard.

 Penang has already constructed 170,000 affordable homes, with plans to complete an additional 50,000 units by 2030, said Chow

 “Seberang Jaya holds a special place in my heart, as I spent my childhood there. I am thrilled to witness this project come to fruition. It is close to my heart," Anwar said.

He emphasised the urgency of addressing the rising demand for affordable housing and expressed hope that the necessary project approvals would be granted by February.

The notable attendees at the event were PDC general manager Datuk Aziz Bakar, SkyWorld founder Datuk Seri Ng Thien Phing, and Bukit Tambun assemblyman Goh Choon Aik. - December 11, 2024.