PR1MA – 90,461 housing units for middle-income Malaysians – HOW?

PERBADANAN PR1MA Malaysia has to build 90,461 units for the middle-income Malaysians all over the country. According to PR1MA CEO Datuk Abdul Mutalib, by the end of 2014, close to 40,000 units would have started or will start construction. Within Budget 2015, a total of 80,000 homes is to be built with an allocation of RM1.3 Billion. PR1MA are not the typical low cost flats we see last time. It comprises landed properties, high-rise apartments and mixed developments. I think this is the right way because none of the middle-income people I know told me that they love staying in low cost flats. In fact majority would like a condo if possible. Well, PR1MA may be a good consideration.
In order for a smooth delivery, PR1MA has to work closely with private developers, local authorities and partners to expedite the standard operating procedures and processes in the least time possible. Remember how some new technologies can enable a house to be built in months instead of years? Yes, it is also exploring the collaboration possibilities on Industrialised Housing Technology with potential partners from Japan, Australia, UK, US and China.
Where land matters are concerned, PR1MA may have to look at state governments as well because these lands can be sourced at a lower cost. The registration for specific PR1MA developments nationwide will soon be opened through newspapers and PR1MA website. Haha. I think it’s best that more are done online and not just PR1MA website and newspapers. Anyway, as a social service, will help to highlight if there are anything which can help the middle-income Malaysians to apply and get one.
PR1MA Requirements. Malaysian citizen aged 21 and above. Preference for residents already staying in the area where they apply. Applicants should not own more than one property in Malaysia. Individual or combined income of RM2,500 – RM10,000 to quality. Loans provided may be up to 110% from Maybank, MBSB and CIMB Bank and it includes funding for MRTA/MRTT, legal fees, stamp duties and other loan-related expenses. No deposit is required and all loan-related expenses will be covered. The loan tenure is for up to 35 years or up to age 70, whichever is earlier. Truth is, secondary market also have such units available but they may not be new units.
I look forward to the 40,000 units that will start construction by end of 2014. Giving them a 3 year construction period, we are looking at more than 40,000 units by end of 2017. This does not include the potential for more units to be built faster using the industrialised technology. I may not qualify for one but I am very sure many would be waiting for one and should get one because a roof over one’s head is a pre-requisite to a healthy family. Majority of all arguments between husband and wife is about money. The biggest thing that money can buy is housing. Conclusion is easy to see. Another reason would be perhaps this may have the effect like what the HDB flat supply is doing to the market in Singapore. Lots of supply meant lower priced secondary market. I think this may be good for a longer and slower price growth for affordable properties instead of the past few years which was really unbelievable.
written on 18 Oct 2014
Next suggested article: PR1MA – No Bank Loan? No Worries. Rent for up to 30 years.


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