WE recently touched on the topic of the Perumahan 1Malaysia (PR1MA) initiative and how it has helped many citizens own their first home. The rising cost of living was not the only concern on the minds of Malaysians, so the PR1MA Act 2012 was a welcomed decision.
Properties that came with a price tag of RM100,000 to RM400,000 and located at key strategic urban areas were made available to all qualified individuals. Find out more here if you’re eligible for the balloting process!
Experts in the property industry are always expounding on how ‘location, location, location’ should be one’s mantra when it comes to choosing the ideal residence. While that is true, it doesn’t mean that you should not take other points into consideration: the infrastructure, amenities and neighbourhood are all important as well.
Prime PR1MA pickings
Most of the properties under PR1MA tick off all those boxes, such as PR1MA @ Kajang, Bukit Jalil, Cyberjaya 2 and Brickfields. These districts are all well-developed with existing major infrastructure and plenty of established amenities, making them highly desirable addresses.
Surprised at how affordable these properties are, compared to the conventional housing prices? So were we! If you were thinking that the properties would be tiny and cramped, with little to no facilities available for residents, you couldn’t be more wrong.
For example, PR1MA @ Brickfields houses units that come in built-ups ranging from 560 to 1,000 sq ft. Some of the proposed facilities at the development include a gymnasium, swimming pool, community hall and retail outlets.
Residents will also enjoy the ease of access through roads like Jalan Bangsar, Jalan Tun Sambanthan and Jalan Syed Putra.
What’s on the market?
Don’t lose hope though, did you know that there are still properties on the market that can be bought for RM300,000 or less? Let’s start off with this one located at Bandar Mahkota, Cheras, a highly populated neighbourhood.
A unit at the Angsana Apartment is going for approximately RM250,000. There are plenty of amenities nearby: a hawker centre, banks, Mahkota Cheras Mall and petrol stations to name a few. As it is located 30 minutes away from the Kuala Lumpur city centre via the SMART tunnel, residents would have no problem commuting to and from for work or leisure.
Admittedly, the unit is the smaller size, with a built-up of 750 sq ft and only one car park lot. A quick check on other units in the same development reveals similar built-up sizes.
How about if we look a little to the north of Greater Klang Valley, where Setapak is located? It isn’t impossible to still find a property less than the RM300,000 mark especially if you are searching for a unit in Teratai Mewah Apartment. It’s still the same case though with the built-up size, you’ll find that most of them are also small, less than 700 sq ft.
This development does come with basic facilities that would benefit the residents such as a playground, jogging track, mini market and 24-hour security. The connection is also a breeze thanks to a few major highways nearby: DUKE, MRR2 and PLUS highways.
Right now we say, enough with the subsale developments which have been around for a long time. Let’s take a look at a new development as a comparison. U-city is sited near the University of Nottingham’s Malaysian campus and is slated for completion in 2020. At a selling price starting from RM249,000 for a small (450 sq ft) fully furnished unit, you’d also be buying into an integrated development comprising residential and commercial components.
Semenyih is already a property hotspot, thanks to the accessibility points through Lebuhraya Kajang-Seremban, LEKAS and Silk Highway. Its proximity to a world-class university also allows for buyers to rent out their units, ensuring a 6.5% net per annum rental yield, according to the developer.
With the few options shown above, it would seem like the market still has properties below the RM300,000 mark.
However, there is one thing they all have in common to note: they have immensely modest living spaces, which means that they may only be suitable for singles or young couples.
The PR1MA projects are not only within the RM300,000 range but also come with a wide range of built-up sizes to suit the various needs of the people who are looking to buy them. A quick scan of all the available Greater Klang Valley offerings shows that there are even some (like the PR1MA @ Kajang) with spacious build-ups of 1,200 sq ft.
To assist you with the calculation of whether or not you are eligible for a housing loan, we have just the tool for you here! What about if you’d like to find out which is the best housing loan deals in Malaysia so that you can make the right decision? Worry not, our housing loan comparison page is just the place for you to visit in order to personalise your search and find the right fit.