PR1MA to deliver 20,000 PR1MA homes in Greater Klang Valley, Johor, Penang, Sabah & Sarawak under its first phase
PETALING JAYA, 28 August 2013: PR1MA Corporation has approved 15 affordable housing projects to develop in Greater Klang Valley, Johor, Penang, Sabah and Sarawak, which are expected to provide 20,000 PR1MA homes for middle income earners living in these urban areas.
Chief Executive Officer Dato’ Abdul Mutalib Alias said the projects had met the guidelines stipulated under the PR1MA Act 2012 and this first phase has been approved.
“While we have earmarked numerous projects in most urban centres, we will only select projects that meet our development guidelines to be part of the PR1MA programme.
“These 15 new developments are under Phase I of the PR1MA programme. I am confident that by the end of the year, we will have more on board to meet the 80,000 PR1MA homes as announced in the 2013 Budget. These units are part of the 500,000 units of affordable homes to be rolled-out by PR1MA by 2018,” he said.
Dato’ Abdul Mutalib said the identified projects were in various phases of development. “Some have already received the necessary approvals from the local councils and authorities, and as such will be launched within the next few months. There are several projects which are still in the planning stage,” he said.
He said that upon receiving all the planning, development and building approvals from the authorities, buyers should be able to take ownership of their PR1MA Homes within 24 months (for landed property) and 36 months (for high-rise buildings) from the signing of the sales and purchase agreement.
“The building timeframe for PR1MA Homes is similar to industry standards,” he said.
Dato’ Abdul Mutalib said that PR1MA planned to launch several new projects within the next few months. He said in Kuala Lumpur, PR1MA had identified two sites – Setapak and Jalan Jubilee, which is off Jalan Loke Yew, while in Penang the identified location was Bayan Lepas. Two other projects would be launched in Johor Bahru, and one each in Sabah and Sarawak.
“I am confident that the response towards these projects will be positive as the locations are strategic. I would like to encourage qualified house buyers to register on our site www.pr1ma.my to enable them to own a PR1MA Home,” he said.
Dato’ Abdul Mutalib reiterated that PR1MA was established, under the PR1MA Act 2012, to deliver and maintain affordable homes for the predominantly “M50” or middle 50% of Malaysia’s population living in the country’s urban areas.
He said this group had a monthly household income of between RM2,500 and RM7,500; and was heavily affected by the current upward price of homes.
“PR1MA’s objective has always been and continually will be to reduce the country’s affordability gap by developing affordable homes which are at least 20% lower than the market price of surrounding developments,” he said.
The units, he said, would also be comparable to those offered by private developers in terms of size and quality, with units ranging from 1,400 sq. feet and 1,700 sq. feet for landed properties and between 670 sq. feet and 1,300 sq. feet for high rise properties.
“Our PR1MA Homes pricing strategy will be applicable for all our developments. The PR1MA home prices is made possible through PR1MA’s employment of sustainable cost management strategies and optimise costs throughout its value chain, i.e. sourcing of land and materials, design and planning, and building as well as funding activities,” he said.
To be eligible for a PR1MA Home, applicants must meet several key criteria. Applicants need to be a Malaysian citizen aged 21 years and above, with preference given to residents in the area were the PR1MA development would be built.
They should also have an individual or combined gross household income of between RM2,500 and RM7,500 a month to qualify. Additionally, they should not own more than one property in Malaysia.
Eligible applicants must apply for the balloting of the homes through the PR1MA registration system via www.pr1ma.my. Applicants are also required to submit the relevant documents for screening purposes.
End financing for the homes are to be arranged by the successful applicants themselves. There is a 10-year moratorium, whereby the properties cannot be sold or transferred to another party. The homes must be owner-occupied and no subletting would be allowed.