The state government of Johor has launched a Rent-to-Own (RTO) scheme, whereby tenants can buy residential or commercial properties after five years of leasing.
According to Chief Minister Datuk Seri Mohamed Khaled Nordin, about 5,279 units will be offered under the RTO scheme. These will be constructed by state-linked firm Kumpulan Prasarana Rakyat Johor (KPRJ) in five phases, with the first one consisting of 409 residential and commercial properties.
“The best part is that 50 percent of the accumulated rent over five years would be used as down payment to buy the unit,” he said during the launch of the RTO scheme on Friday (13 October).
He revealed that qualified Johoreans will be allowed to lease a commercial or residential unit for RM260 to RM600 per month, depending on the property’s value.
In addition, Khaled noted that the state government has earmarked about RM20 million in their budget to acquire existing homes and business premises for the RTO scheme.
“We will continue allocating the sum yearly to purchase more units for the benefit of Johoreans,” he said, adding that KPRJ is on the lookout for more properties for the scheme.
So far, some of the identified houses to be included in the scheme are situated in Larkin, Taman Molek, Bukit Saujana, Gelang Patah, Bandar Baru Uda and Desa Paya Mengkuang.
Johoreans keen to apply are advised to go to the office of KPRJ, which is responsible for running and managing the RTO scheme. Their office is located at Block 4, Danga Bay, Jalan Skudai 80200, Johor Bahru.
This article was edited by the editorial team of PropertyGuru. To contact them about this or other stories email editorialteam@propertyguru.com.my
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