Developers in Sabah building affordable homes
old one as it is makes it easier for first time
home buyers and the young generation to
afford purchasing their own home.
Previously the subsidy given to a low-cost
unit was worth RM70,000, which is more
than double the amount but it did not solve
the root cause of the problem, which is
people having a hard time paying a bigger
lump sum up front for the deposit.
He explained: “From a survey by SHAREDA,
the main reasons why people are not able
to buy or own a house are because of
the inability to provide a 10% deposit and
inability to secure a home loan from the
bank.”
SHAREDA also urged the Prime Minister
Datuk Seri Najib Tun Razak to instruct
Bank Negara to set a quota for all 3,000
bank branches to approved housing
loans for one million buyers. “The banks
should perform their Corporate Social
Responsibility (CSR) by approving housing
loans for one million buyers or 335 loans
per bank. Thus, every bank should fulfill the
quota of 335 loans for MyHome buyers at
an interest rate of 4.5%,” he added.
Currently, Bank Negara is applying a
stringent ruling on loan procedures for
instance adopting ‘net loan value’ and ‘net
income’. The subsidy given is RM30,000 for
one low-cost house with the selling price
of RM70,000. The bank will assume that
the house is on sale for RM40,000 and the
buyer will still need to pay the
deposit of RM4,000 or 10%.
The meeting also highlighted the
formation of HAREDA Berhad,
a purpose vehicle (SPV) with a
primary objective to facilitate
members of SHAREDA to
collectively construct affordable
housing in Sabah and to help
rehabilitate or revive any
property development.
explore, to invest and to develop
more affordable housing and this
is a part of SHAREDA’s CSR for
the government and the rakyat.
It is very hard for us to force or
point a gun at any company to
tell them to build houses but not
to sell them at a high cost or to
tell them to discard profit and
do some charity. I don’t think
anybody will do that, so we place
them all under this umbrella.
Goh said, “The formation of
SHAREDA Bhd is actually to
He added: “This company will
also act as a special vehicle in
case any member project faces
financial difficulties or crisis to
cause them to abandon the
project. This body will assist
them by injecting money from
SHAREDA. And in return we will
get something like probably
unsold units which will be
charged to SHAREDA as a
security.”
Buyers from Sabah can log on
to www.shareda.com to view the
complete list of projects that this
scheme is applicable to.
www.PropertyHunter.com.my
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