A method, system, and computer program product for managing a heap of memory allocated to a program being executed on a data processing system is disclosed. A limited amount of memory is allocated to a program being executed by a mutator on a data processing system. The memory comprises memory objects. The disclosed method identifies memory objects, which are allocated to the program but are not referenced anymore. These dead memory objects are freed and made available for further allocation in the program. The memory objects that are still referenced are organized in compact contiguous blocks. Thus, the disclosed method recycles memory allocated to the program. The disclosed method is executed iteratively and concurrently with the execution of the program. The disclosed method does not interfere with program execution. Amount of memory required is specified before the commencement of the disclosed method and the same amount is freed without any surplus.