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PENANG (Nov 19): The state government wants a new mechanism to curb low-cost and low medium-cost home owners from profiting from the sale of such property, reported The Star today.
Under such a plan, owners of low-cost and low medium-cost homes will have to sell their properties to the authorities “at a mutually acceptable price”, according to the report by the daily.
“Owners must adhere to the original intention where the units were for the low-income groups and it’s perfectly alright if they were moving to higher end units.
“However, they were not supposed to sell their units for a durian runtuh as it defeats the purpose of them buying the units in the first place.
“There were cases where a RM42,000 unit was sold for RM300,000 due to speculation,” State Housing, Town, Country Planning and Local Government Committee chairman Jagdeep Singh Deo (pictured) was reported as saying during his winding-up speech at the state assembly.
Jagdeep said the authorities would buy the units of those who are planning to sell so that they could be sold to those in the waiting list.
“Through this there would be a continuous supply of low-cost and low medium-cost units and the state would not have to build new units,” Jagdeep explained
He also added that a task force had been set up “to look into the mechanism and its enforcement”.
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