GEORGE TOWN: Residensi Bukit Gelugor here is the first Perbadanan PR1MA Malaysia (PR1MA) housing project in the state to be planned using the agency's new business model.
Housing and Local Government Minister Zuraida Kamaruddin said PR1MA's business model for the project witnessed a collaboration between the federal government (through PR1MA), developer (Ideal Property Group), and the Penang government to meet demands for affordable housing for the people.
"The project is PR1MA's first housing development on the island, and will be created using the new business model.
"Through the new business model, (the project) does not need high investments from the government. PR1MA provides land to the developer to develop affordable housing for the people, including the B40 group," she told reporters after the ground breaking ceremony for Residensi Bukit Gelugor here, today.
Present were Chief Minister Chow Kon Yeow and state Housing Committee chairman Jagdeep Singh Deo.
Residensi Bukit Gelugor will begin construction early next year and is expected to be completed within three years.
More than 50 units of the Customs' quarters in Bukit Gelugor here were demolished in 2017 to make way for the PR1MA project in the area.
According to Zuraida, the Residensi Bukit Gelugor project will provide 2,850 units of affordable housing, priced below RM300,000, with condominium-like features.
"The units offered to buyers involve various price ranges, according to their demands and what they can afford.
"Interested buyers can submit their applications to the state government and the developer for vetting to ensure only those eligible are offered the units," she added.
Meanwhile, Chow said the Penang government was officially informed that there are four PR1MA projects in planning and early construction stages, including two projects in Bukit Gelugor.
"Another two projects under PR1MA in Batu Ferringhi and another in
Seberang Prai will be developed once the land issues there are resolved," he added.