AFFORDABLE HOUSING SCHEME – BUDGET 2016.
Under
the Malaysia 2016 Budget, the government will built about 350,000 afforable housing
which will be sold 20% below the market value. The target location will be
surrounding the development of the Light Rail Transit station and the monorail
station.
In
the RRIMA website, it is stated in Kland Valley, PRIMA housing are available in
Bukit Bintang, Bukit Jalil, Cyberjaya and Brickfield. Prices start from
RM250,000 and above. A total of 4000 units of apartment are offer from these 4
project.
The
advanatages of this program is that the partner end financing bank will be able
to finance the interest during the construction of the poperty and loan up to
110% of the Sale & Purchase price will be approved for eligible applicant.
The
question is do we actually need so many unit as we term as afforable housing?
Do the population or the “rakyat” really facing difficuties on buying a
property for them to stay in? Is there no afforable houses available in the
market right at this moment?
Secondary
market of such property are still available for those that need to purchase a
property for own stay. Places like Bukit Antarabangsa, where apartment of 1000
sf start from RM180,000 and a condominium unit is from RM250,000. A double storey
house is available for sale from RM500,000. Bukit Antarabangsa a serene and
highland location with KLCC just about 15 KM away are still a steal.
Shah
Alam Section 25 is also a location surrounded by highway such as KESAS &
LKSA connection almost all he way to Kajang and KL in one breeze drive. Housing
that available are 2 storey 20 X 60 with prices starting from only RM300,00 and
the smaller 3 storey 15 X 55 are from RM250,000.
There
are just too many of such secondary housing available and why the need to built
more? Why are people not buying from these market? To my observation, there are
a few hurdles that these buyers are facing. First of all, with the local bank
tightening their lending citeria, most of these buyers do not have sufficient
down payment to make it for the 10% whichmost of the seller will insist on
receiving it upon the signing of the Sale & Purchase Agreement. The buyer
in actual fact probably have enough money in their EPF account 2, but EPF are
unable to process the withdrawal without the copy of the SPA.
The
houses in the secondary market are also not new and in need for some form of repair and
maintenance. With minimum cash available, these buyers cannot afford to fork
out money for such job need for the house.
It
will be good if there is an agency who can registered the sellers which is in
the afforable housing price tag and introduce it to protential registered
purchasers with the services to assist in housing loan with repair or
maintainence package attach together. Many people will be able to own a house
that can be call home.
