The first low-cost rent-to-own (RTO) housing units

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  • 11 Jun 2019 12:00 AM
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First Rent-to-own Houses for Penang’s Poor

The first low-cost rent-to-own (RTO) housing units for the poor have been rolled out by the Penang government. The Star reported that State Housing, Local Government, Town and Country Planning Com­mittee chairman Jagdeep Singh Deo said that the scheme, located off Jalan Kuala Jalan Baru, was meant for those who could not afford to buy low-cost units due to high loan rejection rate. Of a total of four blocks, two would be under the RTO scheme in the project by Ideal Property Group which comprises 1,175 units of at least 650sq ft with three bedrooms. According to Baru, the housing costs “should be similar to the Taman Sungai Duri Permai project in South Seberang Prai, where each tenant pays RM150 as rental and RM20 maintenance fee each month for 23 years, before owning the unit.” The state had also identified another RTO scheme housing project in Kampung Tok Subuh, Central Seberang Prai. The project, which is currently 70% completed, is scheduled for completion by first quarter of next year.

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