As per instruction by the Finance Ministry, Prosma Bhd will discuss with Perbadanan PR1MA Malaysia over the possibility of acquiring unsold PR1MA homes and inject them into the company’s rent-to-own (RTO) scheme.
“We will meet PR1MA on Nov 29. This is just a discussion, nothing has been decided. We will discuss with PR1MA whether or not to acquire the unsold units for our scheme,” said Prosma CEO Zamri Abdullah.
When asked on the number of units it may acquire, Zamri revealed that he was not informed of the number of units available for sale, albeit he was told that PR1MA had “a lot of unsold units” in different stages of construction.
If the talks are successful, Prosma will take in PR1MA’s unsold units, which will then be offered in its RTO scheme. Applicants for these units will undergo the same requirements and processes, including interview of applicants and eligibility criteria, he said.
Notably, Prosma’s RTO scheme is targeted at households with a monthly income of RM5,000 and above. The units, measuring at least 900 sq ft, are priced between RM300,000 and RM500,000 depending on location.
Prosma began promoting the RTO scheme in 2015, while the interview process started last year. With an aim of signing a total of 500 contracts this year, the company has signed 70 contracts worth RM10 million in total as at 1 August.
On whether the RTO scheme of PR1MA may be scrapped given the possible arrangement with Prosma, Zamri, who is unsure, believes that PR1MA will continue its RTO scheme, which is different from that of Prosma.
“PR1MA’s RTO scheme is for five years or 10 years while Prosma’s scheme is up to 30 years,” he explained.
PR1MA homes are targeted for those with a monthly household income of between RM2,500 and RM15,000. Eligible applicants who were unable to secure end-financing for such homes can participate in the RTO scheme.
A check, however, on the RTO scheme website of PR1MA showed that applications for the scheme are currently unavailable but will be made available soon.
Image sourced from PR1MA
This article was edited by the editorial team of PropertyGuru. To contact them about this or other stories email editorialteam@propertyguru.com.my
For the latest property news, trends, resources and expert opinions, visit our Property News section. Home buyers, sellers or property renters looking for Malaysian Properties, may like to visit the New Launches or Project Reviews page.