KUALA LUMPUR: Eco World Development Group Bhd
launched its home ownership programme (HOPE) on Tuesday with Malayan Banking Bhd
and Public Bank Bhd
as it seeks to achieve its RM6bil sales target.
EcoWorld Malaysia president and CEO Datuk Chang Khim Wah said the programme offered two methods for purchasers which were the Stay2Own in partnership with Maybank's HouzKEY or Public Bank's Help2Own via a mortgage.
“We raked in RM2bil worth of sales - 1,800 residential units via the #OnlyEco World campaign - and we still see people coming to our sales galleries to know more about our residential units,” told reporters after the launch of the HOPE campaign.
Chang said that last year, when Eco World launched its #OnlyEco World Campaign from July to October, Maybank supported the group with its MaxiHome Ezy mortgage product.
“Along with great support from Public Bank which came up with its deferred installment plan, another highly flexible mortgage loan to make home ownership easier and more affordable, we were able to create the unbeatable H2O deal,” he said.
Chang said the “innovative and well-thought through mechanism” was welcomed by house owners at all its projects and contributed greatly to its sales secured during the campaign period also of close to RM2bil.
Eco World said the key elements of the Stay2Own are:
* Low initial cost
– only three months rental deposit (refundable);
* Low monthly payment
– monthly payments have been structured to be similar to the market rebate rate. This makes it very affordable for aspiring new home buyers.
* Stay first, buy later
– participants are able to live in the home immediately and experience the environment before making the big decision to purchase.
* Savings element from rental
– At least 30% of the rental paid may be converted into savings when the option to purchase is exercised.
– The rental savings will be used to offset part of the purchase price of the home, making it even more affordable to own.
* Secure the property price and eliminate price fluctuation
– Participants lock in the purchase price of the property today;
- Option to purchase exercisable after year one up to the end of year five gives flexibility to decide when to buy;
- Participants can switch to a traditional mortgage once he or she is ready to purchase and qualifies for a mortgage.