Johor is now a hub to affordable homes.
The new affordable housing scheme initiated by Johor Sultan Ibrahim Iskandar to commemorate his 59th birthday on Thursday (23 March) has attracted a huge crowd of aspiring buyers, reported The Straits Times.
Following its launch on Wednesday (22 March), the scheme received over 265,000 applications as of noon on Thursday for the 1,840 apartments and landed homes offered in total under the Bangsa Johor/Sultan Ibrahim Dream Home project.
The residential units attracted an overwhelming response due to the low property prices. In fact, some people came to the venue at Galleria Kotaraya at dawn even though the launch was scheduled to start at 2.30pm on Wednesday.
The houses will be built across three locations, with the most affordable units at Bandar Dato’ Onn, where a terrace home, semi-detached house and a bungalow costing only RM80,000, RM85,000 and RM95,000 respectively.
Overall, about 840 units will be constructed there and in Bandar Baru Majidee, while another 1,000 homes will be built in Bukit Saujana close to Johor Baru city centre.
The residences near the city centre are priced between RM297,000 and RM429,000 due to their prime location, but the cost is still lower as such houses can fetch as much as RM1 million in the market.
However, the applicants will undergo a stringent selection process to be conducted by the Sultan Ibrahim Foundation, the project proponent.
To qualify, they must pass certain conditions, like being born in Johor, form a family unit with kids, and have a household income of under RM4,000 per month. The applicant and their parents must also not have any other residential property at present.
The housing scheme will be undertaken by the state government’s state investment arm Johor Corporation, via its subsidiary Johor Land.
“What’s even more interesting is that all the houses will be equipped with basic electrical appliances such as a washing machine, television and refrigerator,” said Johor Corp President and CEO Kamaruzzaman Abu Kassim.
He added that the Sultan Ibrahim Foundation has teamed up with Bank Rakyat to provide housing loans at 100 loan-to-value (LTV), with easy payment terms and only RM1 as deposit.
Among new developments to look out for:
2. One Sentral Serviced Residence
Image sourced from Straits Times
Radin Ghazali, Content Writer at PropertyGuru, edited this story. To contact her about this or other stories email radin@propertyguru.com.my
For more information on new homes, check out PropertyGuru’s New Property Launches and Project Reviews.
