Developer signs deal with bank to make condominium affordable for young Malaysians

Seroja Hills is a 19-storey leasehold development comprises 256 units across two inter-connecting towers.

ORIENTAL Interest Berhad (OIB) inked a collaboration with Bank Simpanan Nasional (BSN) in conjunction with the launch of its Seroja Hills Condominium Phase 2, a project that qualifies for the BSN Youth Housing Scheme (YHS).

The YHS is aimed at helping married couples between the ages of 25 and 40 with a household income not exceeding RM10,000 per month to own a house.

The scheme will be extended to the first 20,000 qualified applicants, financing the purchase of either completed, under construction or sub-sale properties.

Under YHS, home loans ranging from RM100,000 to RM500,000 with a tenure of up to 35 years or the age of 65 will be provided by BSN.

While both conventional and Islamic home loans are eligible with financing margin of up to 100% of the purchase price, successful applicants will also receive additional financing up to 5% of the purchase price for the cost of Mortgage Reducing Term Assurance (MRTA) or Mortgage Reducing Term Takaful (MRTT).

On top of that, monthly disbursements of RM200 will be offered by the government for the first two years from the first disbursement to help home owners with their loan repayments.

Seroja Hills Condominium Phase 2 units feature a single built-up area of 1,096sq ft with three bedrooms and two bathrooms, and comes with two designated parking bays.

BSN retail banking deputy chief executive Frederick Siew pointed out that BSN is the only bank in Malaysia that offers a government youth housing scheme to facilitate young Malaysians to own their first house.

“The take up rate for YHS is very encouraging since its launch in July last year.

“Until October, there were up to 4,000 cases of loan submissions amounting to close to RM1bil and about 2,000 cases were approved.

“The acceptance rate is also high, at about 1,600 cases amounting up to RM400mil,” said Siew, adding that about RM2mil had been disbursed to date, based on each development’s progress.

“We are aggressively collaborating with reputable developers like OIB to help make homes more affordable for first-time buyers while improving the living standard of all Malaysians, especially the younger generation,” said Siew.

With a gross development value (GDV) of RM84mil, Seroja Hills Condominium spans across 2.2ha of land within Bandar Baru Salak Tinggi in Sepang, Selangor.

The 19-storey leasehold development comprises 256 units across two inter-connecting towers.

(From left) Beh, OIB Berhad chairman Datuk Wira Lim Teong Kiat, Siew and Bank Simpanan Nasional deputy chief executive senior vice-president Akhsan Zaini inked the collaboration for the BSN Youth Housing Scheme to make owning a property more affordable for first home buyers, in conjunction with the launch of Seroja Hills Phase 2. — Photos: P. NATHAN/The Star

Tower 1 (Phase 1) and Tower 2 (Phase 2) consists of 96 units and 160 units respectively.

Phase 2 units feature a single built-up area of 1,096sq ft with three bedrooms and two bathrooms, and comes with two designated parking bays.

Priced from RM320,000, the second phase of the low-density development is slated for completion in mid-2019.

“Targeted at first time home buyers and young families, Seroja Hills boasts a Japanese Zen concept where simplicity is the ultimate sophistication, offering affordable hill-top living,” said OIB marketing division chief operating officer Beh Suan Sim, adding that Phase 1 saw a take up rate of 80% since its launch in June last year.

Future residents of Seroja Hills will get to enjoy leisure facilities such a swimming pool, wading pool, futsal court, gymnasium, multi-purpose hall and children’s playground.

Amenities within the vicinity include educational hubs Xiamen University, Nilai University, INTI International University, Manipal College and Universiti Sains Islam Malaysia as well as transportation hubs such as Kuala Lumpur International Airport, KLIA2 and the Express Rail Link line, apart from upcoming commercial developments.

The development is linked to the Maju Expressway, Elite Highway, North-South Expressway and KL-Seremban Highway.

“Development in Salak Tinggi is increasingly on the radar of prospective buyers searching for affordable properties and as one of the major players in the vicinity, we will continue to invest to offer consumers the best value for their purchases.

“A desired home needs to be one of quality, practical and most importantly, attainable. We strive to develop projects that reflect these,” concluded Beh.

Successful projects in the locale include Taman Dahlia, Taman Seroja, Desa Pinggiran Putra, Puncak Pinggiran Putra and Taman Arked.