Homeownership is set to become more accessible with the launch of the Juru Hills affordable housing project (Rumah MutiaraKu). This initiative is backed by an RM18.5 million Tawarruq Financing Facility agreement between Bank Pembangunan Malaysia Berhad (BPMB) and Firma Atasan Sdn Bhd.

A key highlight of the project is the innovative financing model designed to reduce financial burdens for homebuyers. Under this arrangement, banks will offer a 95% loan, with the remaining 5% covered by the developer as a loan for the down payment. Moving forward, the state government aims to refine this mechanism further, potentially allowing buyers to secure a home with just RM10 as a down payment, while developers cover the balance.

For example, if a home is priced at RM250,000, the bank will provide a 95% loan, leaving the remaining RM12,500 for the down payment to be covered by the developer. This means buyers do not have to make a large upfront payment.

“This initiative is to make homeownership easier for those who deserve it. We are still in the process of exploring this,” said State Housing and Environment Committee chairman Datuk Seri Sundarajoo Somu during the Memorandum of Understanding (MoU) signing at Livingston Tower.

The Juru Hills project, which will be developed in two phases, consists of 1,236 affordable units priced between RM248,000 and RM278,000. Each unit will include at least two parking spaces, with selected units offering three. Phase one will focus on Block A, delivering 618 units, while the second phase will introduce another 618 homes.

Beyond affordability, Juru Hills promises a quality living environment with lifestyle amenities such as a swimming pool, gymnasium, and other recreational facilities. Firma Atasan Sdn Bhd’s executive director Chew Why Hoong emphasized the project’s commitment to community well-being by incorporating facilities like a Youth Learning Centre for technical training and a Nursing Home with a 94-bed capacity.

In line with Penang’s green building initiatives, Juru Hills will also be GBI-compliant, featuring sustainability elements such as a rainwater harvesting system, solar energy solutions, and a wastewater treatment facility.

BPMB Group CEO Roni Abdulwahab reaffirmed the bank’s commitment to empowering local businesses and underserved communities through targeted financial support. “This partnership with Firma Atasan is a step towards making homeownership more accessible, while integrating sustainability into urban development,” he said.