With the growth of the work from home trend following the COVID-19 pandemic, more people are seeking larger houses and a less dense area since they would be turning a portion of their home into an office space.
And although most home buyers are taking a wait-and-see stance, some developers have found their niche within the market and thrived through strong branding.
IJM Land Bhd’s Seremban 2 (S2) residential project known as Rimbun Jasmine in Negeri Sembilan, for instance, was fully taken up within just three hours of its private preview in September, reported Bernama.
The flagship township development of IJM Land, S2 offers the convenience of schools, malls and entertainment all within the vicinity of the township.
The four main drivers that pushed people to acquire units were the spacious double-storey unit located near self-sustaining S2 township, value for money, close proximity to highways that allow for easy access to other cities as well as the tranquil and serene environment, said IJM Land Senior General Manager (Central region) Datuk Hoo Kim See.
For Bumiputeras, the price of 20 ft by 70 ft intermediate lots, which come with a built-up area of 1,932 sq ft, start from RM488,520 and from RM542,800 for non-Bumiputeras.
Hoo noted that the four-bedroom and three-bathroom units may be compartmentalised for various activities of work, play and study.
“Demographically, people from Negeri Sembilan comprised 68% of the buyers, followed by Selangor (12%), Kuala Lumpur (8%), Melaka (4%) and Johor (3%), with other states making up the remaining 5%,” he told Bernama.
Most of the buyers were aged between 21 and 40 years, followed by those between 41 and 50 years.
Around 53.5% of the buyers were Chinese, while Malays and Indians accounted for 30% and 15.5% of the buyers, respectively.
He added that 50% of the applicants had their loans approved, 30% are in the process of securing approval, while 20% saw their loan applications rejected.
“There are three main reasons for this (rejection) — high commitment, Central Credit Reference Information System (CCRIS) and Credit Tip-Off Service (CTOS) issues,” said Hoo.
“To help our potential buyers, S2 is now offering solutions, namely a 0% interest instalment plan to settle the differential sum and a monthly payout plan.”
IJM Land unveiled a flexible ownership campaign dubbed “Now You Can”, under which potential home buyers are offered customised plans and solutions to ease their financial burden.
A system by the Credit Bureau of Bank Negara Malaysia, CCRIS provide standardised credit reports on potential borrowers. CTOS, on the other hand, is a leading private credit reporting agency under the Credit Reporting Agencies Act 2010 that is widely used by financial institutions to determine the creditworthiness of applicants.
Meanwhile, Rimbun Impian, which was launched within the Seremban 2 Heights area also, posted a take-up rate of 75% since its January launch, said Hoo.
“We are now planning to launch sizeable single-storey and two-storey link houses at affordable prices and easy-to-own schemes in the fourth quarter of 2020 and the first quarter of 2021 to make home-buying possible for everyone,” he added.
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