The federal government targets to complete about 100,000 residential properties across the country by 2018 under the 1Malaysia Civil Servants’ Housing (PPA1M) programme.
Now, the authority is close to achieving this goal as a total of 148 PPA1M developments consisting of 82,102 homes have been given the green light as of this month.
“These projects are at various phases of completion,” said Prime Minister Datuk Seri Najib Razak, who officiated the groundbreaking ceremony of a PPA1M project in Metropolitan Kepong, Kuala Lumpur.
For the 8.2acre PPA1M Metropolitan Kepong, which is being developed by JL99 Group, over 4,000 civil servants have applied but only 1,230 were lucky to be selected.
Upon completion, PPA1M Metropolitan Kepong will come with two apartment blocks with a total of 1,230 homes. It will also have a surau, a laundrette, a multipurpose hall, Klinik Rakyat 1Malaysia, Kedai Rakyat 1Malaysia, a children’s playground and various sports facilities.
According to Najib, PPA1M buyers only need to fork out the 10 percent down payment upfront, while the rest will be paid once the houses are ready. “This is to ensure the buyers face minimal risk in case a project is stalled.”
In addition, the selling price of these units is 30 percent more affordable than the prevailing market price, thanks to cross-subsidy, as the earning from the sale of commercial units like shop lots will be used for the construction of apartment blocks.
However, PPA1M unit owners would only be allowed to sell their houses after 10 years to prevent property speculation.
Image: Sourced from The Sun Daily
Mangalesri Chandrasekaran, Editor at PropertyGuru, edited this story. To contact her about this or other stories email email@example.com