1Malaysia Housing Programme Phase One
|July 8, 2014||Posted by Ann Khee under Property News|
Just like Airasia’s slogan – Everyone Can Fly.
Now with PR1MA – Everyone Can Have A Home.
On 4 July 2014, Prime Minister Datuk Seri Najib Tun Razak has launched Phase One of the 1Malaysia Housing Programme (PR1MA) which involves the construction of 42,000 houses on 20 strategic sites. The first PR1MA scheme is in Presint 11, Putrajaya and provides 560 apartment units.
Eight projects were expected to commence this year and in 2015 on the 20 sites which had been identified in the Klang Valley, Rawang and Seremban.
Developers involved will be Putrajaya Holdings, SP Setia, Tradewinds, Cyberview, Sime Darby Property, MRCB Resources and 1MDB.
What is 1Malaysia Housing Programme (PRIMA)?
The programme is to assist middle income group to own a home, as they can neither afford to buy high-end property nor are eligible for existing My First Home Scheme and other low-cost public housing schemes.
Who is eligible for PR1MA scheme?
- Moderate income Malaysians earning less than RM6,000 a month
- Open for all Malaysians who works with the government, private sector or self-employed
- Must be first time buyers
- Can obtain loan up to 105% from selected financial institutions with a payback period up to 30 years
- Buyers need to occupy the house
- Buyers were not allowed to sell the house within 10 years.
Where is first PR1MA scheme?
- Location : Presint 11, Putrajaya
- Total units : 560 apartment units
- Land size : 7.6 acres of land
- Price : RM150,000 to RM300,000 depending on location and size
- Built-up : 800 to 1,400 sq ft
- Layout : 3 bedrooms and 2 bathrooms
- Facilities : Comprise a multi-purpose hall, kindergarden and retail units
How To Apply?
This is the million dollar question but there’s not much information provided by the government yet.
According to EPU, registration to purchase houses under PR1MA could only be done until a corporation is set up by early next year.
PR1MA house buyers cannot sell their house within 10 years to prevent speculative activities among buyers whose intention was to sell for immediate profits.
Interestingly some comments I’ve heard is that no doubt there are rulings to prevent selling and must be occupied by buyers, however, buyers can always rent it out too. If the area has appreciated in value, buyers can still enjoy a healthy rental income.
How can the government control over buyers occupying or renting? Random spot check? No matter how, there’s still a gray area
(photo courtesy from The Star)
[ NEWS: 1st PR1MA has been launched in Putrajaya in Oct, 2014. Check out our article here on the great response in this first launch. ]