Aspiring home owners in Penang, who were unsuccessful in securing bank loans, should look into ‘rent to own' housing schemes, said Penang Local Government, Housing, Town and Country Planning Committee chairman Jagdeep Singh Deo.

"The state recently received approval from the Local Government Ministry to convert two completed projects into such a scheme.

"The two projects of 301 units are in Mak Mandin and Tok Suboh on the mainland" he said at the key handover ceremony of Ramah Pavilion in Teluk Kumbar recently.

Jagdeep commended the project developer M Summit Group for taking the lead to launch the ‘rent to own' scheme.

"The group has developed 759 units in Ramah Pavilion and 270 low-cost and low medium-cost units in Taman Ria.”

M Summit Group founder and managing director Datuk Albert Moh, who was present, said Ramah Pavilion was the first affordable housing project by a private developer in Penang.

Chief Minister Chow Kon Yeow, who attended the ceremony, said he was impressed by the project with a gross development value of RM190mil.

"The units come with affordable pricing (from RM198,000) but the facilities are top-notch.”