Penang: The Penang Regional Development Authority (PERDA) plans to build 5,000 houses in Seberang Perai Utara over the next five years, with a development value exceeding RM1 billion for the people of Penang.

According to BERNAMA News Agency, PERDA chairman Datuk Dr Shaik Hussein Mydin stated that the large-scale housing project will include affordable housing and rent-to-own units aimed at assisting middle- and low-income groups. Approximately 10 percent, or 500 units, will be available under the rent-to-own concept, enabling residents to rent initially and fully own the units after about 20 years.

Shaik Hussein highlighted that the rent-to-own scheme is specifically designed for individuals, such as villagers, who might face challenges in securing housing loans. This initiative allows them to pay monthly installments, eventually leading to home ownership. His remarks came during the officiation of PERDA's Back-to-School Programme, in collaboration with subsidiary PERDA Ventures Incorporated Sdn Bhd (PVISB), where around 200 students received RM150 cash vouchers each for school uniforms and supplies.

The 5,000 housing units are planned to be built on 202.34 hectares (500 acres) of PERDA-owned land in various strategic locations around Seberang Perai Utara. The affordable units will be priced below RM300,000, with some adjustments depending on current market conditions, yet still cheaper compared to other developers.

Shaik Hussein emphasized that PERDA operates as a public service agency rather than a profit-driven entity, indicating that some projects may not generate profit. The alignment of state and federal government administrations has facilitated smoother approval processes for PERDA projects, resolving previously delayed initiatives.

Further details regarding the 500 rent-to-own units are anticipated to be announced soon, with plans to launch before the middle of next year. The project has received necessary approvals and is currently in the final planning stage.