‘Help Govt to fulfil affordable homes target’

KUALA LUMPUR: Developers have been encouraged to build more affordable homes to assist the Government to achieve its target of building one million affordable homes within five years.

Prime Minister Datuk Seri Najib Tun Razak said the majority of units would be built by the Government under the 1Malaysia People’s Housing Scheme and 1Malaysia Civil Servants Housing of 500,000 units and 100,000 units respectively.

“We hope the private sector can contribute towards fulfilling our target. These are for the categories of Malaysians earning RM4,000 and below.

“The Government is also aware of the existence of another group comprising young professionals whose minimum household income is at least RM5,000,” he said in his speech before launching Maju Kuala Lumpur, a mixed development project in Sungai Besi near here yesterday.

The project by ASM Development (KL) Sdn Bhd, a wholly-owned subsidiary of Maju Holdings Sdn Bhd, has a gross development value of RM2.5bil.

Najib said the young professionals were usually graduates with slightly higher income and needed affordable homes suitable with their socio-economic status.

He lauded Maju Holdings for also introducing its innovative home purchase scheme known as the Maju Lease & Purchase Scheme for the Maju Kuala Lumpur project.

The scheme offers prospective purchasers flexibility of time and easy financing as a way to facilitate buying a house.

Under the scheme, the buyer can pay an option fee of RM300 monthly for three and a half years during the construction period which will then be saved for the upcoming utility fees, legal expenses and maintenance bills.

The unit selling price will remain the same at RM590,000 during the construction period which can also be carried through another five years after its completion.

Interested buyers can choose to rent the unit at RM2,000 throughout the following five years or purchase the unit at its original price.

“This is a very suitable concept for the young professionals as it provides them the flexibility to enable them to own a house of their choice.

“An engineer’s salary might start at RM3,000 to RM4,000. He or she might expect to earn RM10,000 and above after five years and this gives them a chance to own a house,” Najib added.

Maju Group managing director Mohd Faiq Abu Sahid said those who take up the scheme would have eight and a half years to save up to purchase the house which would also reduce bank borrowings.

Maju Kuala Lumpur comprises 4,200 units of contemporary and spacious loft apartments set in seven 29-storey residential towers.

It also has a nine-storey commercial podium with more than 2 million sq ft of gross floor area consisting of retail, commercial and leisure spaces.

All residential units are 882 sq ft, designed with a double-volume living and dining area, three bedrooms and two bathrooms.

It is expected to be completed in 2019.