GEORGE TOWN, Oct 22 — Wakaf Pulau Pinang is planning six projects worth more than RM200 million, including affordable housing, homes for asnaf (tithe recipients) and logistics facilities, to increase property ownership among Muslims in the state, its chief executive officer Abdul Mohsein Mohd Shariff said.
He said the projects would be carried out on land entrusted to the organisation by the Penang Islamic Religious Council (MAINPP), with completion scheduled in phases starting in 2027.
“The developments will be located in several parts of Penang, including the Northeast, North Seberang Perai and Central Seberang Perai districts, covering a combined area of more than four hectares.
“The logistics facilities are also expected to generate employment opportunities for the local community,” he told reporters after the Wakaf Pulau Pinang Development Summit 2026 here today.
Abdul Mohsein said the projects would deliver about 1,000 housing units, including those from previous housing schemes, expanding homeownership opportunities for Muslims.
He said a property valued at RM300,000 on Penang Island could potentially be offered for around RM250,000, with the homes priced below market rates to improve affordability.
He said the pricing was intended to address the low rate of property ownership among Muslims, particularly in the Northeast district.
“The development of waqf land, including in Malay settlements, could increase homeownership among Muslims, particularly in urban areas. Our aim is not merely to generate profits, but also to give Muslims in Penang the opportunity to own homes,” he said.
Abdul Mohsein said the drive to expand property ownership among Muslims aligned with the State Islamic Development Agenda 2030, particularly the agenda’s socioeconomic development pillar.
However, Abdul Mohsein acknowledged that the developments faced challenges, as developers typically prioritise profits, while building homes at lower prices requires subsidies that could make such projects less attractive to them.
“We need a specific model for developing waqf land that balances social and economic objectives while keeping costs manageable for prospective buyers,” he said.
Abdul Mohsein said the organisation was also assessing proposals to build a hotel and lodging facilities in the Northeast district, given the high value of land there and the potential to boost economic activity.
