Penang: The Penang State Executive Council (MMK) today agreed to extend the five percent discount for the purchase of overhang properties in the state to all buyers. Chief Minister Chow Kon Yeow announced that the conditions for the discount remain unchanged and will be available for one year under the MADANI Home Ownership Campaign (MOC).

According to BERNAMA News Agency, the discount is limited to participating developers registered with the Penang State Housing Board (LPNPP). It specifically targets units identified as unsold, with relevant information being sourced from the National Property Information Centre (NAPIC). Chow noted that the Penang Property Market Report for the Fourth Quarter of 2024, released by NAPIC, identified a total of 2,796 residential units as unsold, involving various types of residential properties across the state.

Earlier, State Housing and Environment Committee Chairman Datuk Seri S. Sundarajoo had announced a five percent discount for the Indian Muslim community for purchasing residential and commercial properties through the MOC. However, the initiative was reviewed following public criticism, leading to the current expansion of the discount scheme.

The discount forms part of several incentives under the policy, effective from June 1, 2025, to May 31, 2026. It includes the introduction of a new category, Rumah MutiaraKu (RMKu) Type D, with a maximum ceiling price of RM400,000, and a reduction in contribution rates for developers who do not physically provide RMKu Type A or B units.