KUALA LUMPUR, 19 April 2016 - Perbadanan PR1MA Malaysia (PR1MA) would like to highlight that all of our project development plans are in line with Penang state’s planning guidelines.
PR1MA Homes are priced at an average of 20% below market prices in surrounding areas. In Penang, PR1MA has a combination of both landed and high-rise developments. On Penang island, PR1MA’s developments are mostly high-rise to give our target market the option to live on the island. Sixteen percent of PR1MA Homes are priced below RM200,000, 69% are priced between RM201,000 to RM300,000 and 15% are priced between RM301,000 to RM400,000. The sizes of these homes are within 800 sq ft to 1,000 sq ft. PR1MA Homes prices commensurate with our database affordability analysis where 91% of our Penang registrants can afford homes priced below RM400,000 and 75% of the registrants can afford homes priced up to RM300,000.
Our database analysis also shows that there is a demand for bigger unit sizes in the range of 1,000 sq ft to 1,200 sq ft. PR1MA’s developments, are priced at an average of 20% below market price for similar surrounding developments where possible, such as in Bukit Gelugor and Teluk Kumbar.
Seven percent or 88,000 out of 1.25 million PR1MA registrants are from Penang. Therefore, PR1MA will continue to look for suitable locations to build more homes in Penang according to where the demand is. We hope that we will continue to receive support from property developers as well as the state government and its agencies.
We have always engaged with the Penang state government and the local authorities and will continue to do so. We hope to achieve a win-win situation as the Rakyat’s needs come first and are our highest priority.
PR1MA is on track to meet our aspirational target to build 500,000 units of PR1MA Homes nationwide. To-date, the PR1MA Members of Corporation (MOC) have approved 246,410 units comprising of 212 projects to be built nationwide of which 84,132 units are now in different stages of construction. Out of this, a total of 20,306 units are in Penang and more will be allocated.
Some of the projects have been submitted to the Penang state and more will be submitted as part of the required approval processes. We shall wait for the state’s comments before making any necessary adjustments.