SETIA ALAM: SP Setia Bhd and Maybank have launched rent-to-own (RTO) home ownership scheme FlexKey, which offers selected, newly launched units.
Setia FlexKey is an alternative financing scheme to help first-time homebuyers as they will be able to enjoy the flexibility of converting rentals paid as downpayments towards purchasing a home at a locked-in price.
Speaking at the launch event yesterday, SP Setia president and CEO Datuk Khor Chap Jen said FlexKey is anticipated to appeal to various target markets, regardless of their financial backgrounds.
“The option of choosing a Setia home that is newly-launched is definitely attractive for first-time homebuyers to own their own property.
“The launch of Setia FlexKey certainly comes as a timely attraction for young or first-time homebuyers as it is a smarter alternative to achieve better cash flow considering its low entry cost of only three months’ refundable deposit,” he said.
The house buyers will also be able to purchase the house at the locked-in price, should they decide to own the house within the fifth year.
Essentially, FlexKey is an enhanced HouzKEY financing scheme, where homebuyers are able to select their choice unit and preferred location from newly launched properties offered under this scheme, rather than being limited to completed units that are available.
Last year, Maybank launched RTO scheme HouzKEY, an alternative solution for customers to own their desired homes with a minimal upfront cost of three months refundable rental deposit.
Customers are also given the flexibility to purchase the property any time after 12 months of renting at a locked-in price.
However, the HouzKEY scheme was only available for completed units, and not new launches.
Maybank Real Estate Ventures managing director Sally Lye said the FlexKey collaboration with SP Setia allows the bank to widen its reach and enable more Malaysians to own properties without having to worry about the high upfront costs associated with purchasing a property.
The Setia FlexKey scheme is available for more than 20 residential projects by S P Setia in the Klang Valley, Johor and Penang, from now until Dec 31, 2019.
Considering the array of benefits offered by this scheme, SP Setia anticipates an increase of home purchases in the coming months as more homebuyers are informed of this initiative.
FlexKey is applicable for the group’s mid-range residential units, which are priced from RM292,000 to RM800,000.