GEORGE TOWN: The younger generation of Penangites are finding it hard to buy their first home due to exorbitant prices especially on the island.
Tea Home Trading director and co-partner Lee Yaw Chong, 30, said he could not afford to buy an apartment with his monthly RM3,000 salary.
“Many of my friends are also in the same position. We live with our parents and have applied for low medium-cost (LMC) housing from the state government,” he said.
“Three years ago I applied for a RM72,000 apartment in Jalan Jelutong, but till today, there has been no feedback from authorities.
“Maybe the waiting period for such units is very long and there are not enough of the flats to go around,” he said.
Purchasing officer Chan Hui Sean, 25, said her application for a RM72,000 flat had already been approved but she still could not take delivery of her unit.
“I have been told to wait. This is probably because there aren’t any new launches of LMC homes,” she said.
Chan added there was a housing shortage for people whose income fell into the RM3,000 to RM4,000 category.
“People earning such incomes can only afford to buy homes that are priced below RM300,000.
“On the island, it is impossible to find launches of homes with such pricing,” she said.
“The state authorities and the Federal Government should look into ways to provide more houses that match the income level of the majority of the population,” Chan said.
Meanwhile, Henry Butcher Malaysia (Penang) vice-president Shawn Ong said that in the secondary market, there were still quite a number of old high-rise units priced below RM300,000 on the island.
“These units are at condominiums which are at least 10 years old and with basic recreational facilities,” said Ong.
“They are located in Air Itam, Paya Terubong, Relau, Sungai Ara, Teluk Kumbar, Bayan Lepas and Bayan Baru.”
To buy new property, first- time buyers would need subsidies from parents or a combined income.
“Most Penangites buy their homes either with the support of their parents or with the help of their spouse’s income,” he said.
In Seberang Prai, those with an income of RM4,000 and below can look to buy either single-storey terraced houses or condo units that are priced between RM200,000 and RM300,000.
“Newly launched condo units of about 1,000sq ft can still be found in Seberang Jaya, Bagan Ajam and Bukit Mertajam,” said Henry Butcher Seberang Prai associate director Fook Tone Huat.
“They are priced between RM250 per sq ft to RM300 per sq ft or RM250,000 to RM300,00 per unit.
“Single-storey terrace houses of 800sq ft can be found in Bagan Lalang, Alma and Chai Leng Park.
“These homes are priced at RM200 per sq ft or RM160,000 per house,” Fook said.
By DAVID TAN, davidtan@thestar.com.my
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