IT IS time to “lock and roll” with property developer Mah Sing who has introduced its latest deferred financing plan that favours home and business owners, as well as property investors.
Named Lock and Roll, the scheme allows property buyers to lock down the completed unit they want, and slowly roll out the payment for the first 24 months.
During the launch, Mah Sing Group chief sales officer James Bruyns illustrated the concept of Lock and Roll.
“Assuming a completed property is priced at RM1mil. The bank decides to give an 80% loan.
“So to first lock the unit, buyers will need to pay a RM10,000 booking fee. This is followed by the downpayment of RM200,000.
“If the bank decides to draw down 50% of the loan, it would be RM400,000.
“Based on a interest rate of 4.5%, that would make the interest payment RM18,000 per annum.
“Buyers will then only need to pay the interest portion of RM1,500 monthly for 24 months.
“From the 25th month onwards, the bank will draw down the balance of the loan and only then will the buyer start to service the full monthly instalment,” he explained.
The Lock and Roll deferred financing plan was rolled out to eight of Mah Sing’s projects – a mixture of residential, commercial and one industrial – of which there are about 400 units left with a total gross development value (GDV) of RM700mil.
They are Icon City Residence, Petaling Jaya; Aspen Residence and Garden Boulevard Shop in Cyberjaya; M Residensi Galleria in Rawang; Ferringhi Residence 1 and Southbay Plaza Retail Shop in Penang; Austin V Square Shops and i-Parc Industrial Hub in Johor Baru.
Mah Sing group managing director Tan Sri Leong Hoy Kum pointed out that different types of buyers can benefit from the low repayment for the first 24 months.
“Homeowners have the financial flexibility to make extensive renovations to their units without being burdened by heavy repayment commitments.
“The same applies to businesses who move into our retail units as they can focus on investing funds to build their business and strengthen their cash flow,” he said.
It also represents an excellent investment opportunity as homeowners looking to rent out their units can get good rental yield from tenants while making minimal monthly instalment for the first two years, he added.
“For Mah Sing, we are a market-driven property developer and will continue to address the shortage of affordable homes catered to middle income group,” assured Leong.
In conjunction with the Lock and Roll launch, Mah Sing held a two-day fiesta including investment talks and fun activities for interested property buyers and their friends and families.
The Lock and Roll plan is ongoing until Dec 31. To know more, visit www.mahsing.com.my