How many RTO housing units has Penang identified to date?

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Penang has identified 2,474 rent-to-own housing units to date.

To date, Penang has identified 2,474 rent-to-own (RTO) housing units across the state. This figure represents nearly half of the total RTO housing units proposed in Budget 2021. The state government has been actively implementing its own RTO scheme since 2014 to facilitate homeownership.
Penang's Rent-to-Own Scheme Details

The RTO scheme implemented in Penang since 2014 allows homebuyers to acquire low-cost (LC) and low-medium cost (LMC) units. A key feature of this scheme is the provision of a zero-interest rate for purchases made within a 10 to 20-year period.
National Rent-to-Own Initiative

The federal government, through Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz, announced a nationwide RTO initiative in Budget 2021. This federal scheme will involve cooperation with financial institutions to offer RTO housing units until 2022. The initiative will encompass 5,000 PR1MA housing units valued at over RM1 billion, specifically designated for first-time homebuyers.
State Housing Maintenance Funding

In addition to the RTO scheme, the state government has invested significantly in housing maintenance and upgrades. Penang has spent RM259.8 million on repairing and upgrading various housing schemes. The state is seeking a similar allocation to the RM31.7 million received from the federal government in the previous budget for housing maintenance funds in 2021.

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How many RTO housing units has Penang identified to date?

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