PR1MA projects in Penang
GEORGE TOWN: The dream of middle-income group earners in Penang to own a home will come true in three years, thanks to Prime Minister Datuk Seri Najib Razak and the 1Malaysia People’s Housing Scheme (PR1MA).
Najib is expected to announce several projects for Penang to address the housing shortage in the state during his visit here today at the Jelajah Janji DiTepati carnival at Universiti Sains Malaysia’s (USM) main campus here.
He is also expected to launch the registration exercise for the PR1MA project nationwide, after which online applications can also be made. PR1MA chief executive officer Datuk Abdul Mutalib Alias told a media briefing here yesterday
that the affordable housing project would cover several plots of federal land in Bukit Gelugor.
He said the site, which currently had upscale property developments around it, would see several high-rise units complete with amenities ranging from a day-care centre, open spaces, easy access for public transport and a commercial component.
“The units are expected to be tagged lower than the market price of similar properties in Penang. It’s going to take many by surprise when the prime minister announces the price of the units, considering that similar properties by private developers in the vicinity are between RM500,000 and RM600,000,”he said, adding that it would take 36 months for the project to be completed.
Mutalib also said there would be no quota for Bumiputera buyers as the proposed units were being offered at below market price.
He added that PR1MA had identified seven more locations on Penang island and Seberang Prai for future affordable housing projects.
“We will carry out these projects either via partnerships with other federal agencies or enter into joint ventures with private companies,” he added, saying that PR1MA is discussing with Penang Regional Development Authority and JKP Sdn Bhd.
“We are anticipating a huge demand and the take-up rate may end up being oversubscribed as they do with blue-chip shares,” he said, adding PR1MA was looking to engage with developers to make their properties more affordable.
Illustration of the concept design:
[nggallery id=35]
More details available at PR1MA Berhad Official Website
News Source: New Straits Times
Ooooo… 40% lower than market price, Penang property price will go back to year 2008! Here gone all those medium range projects in the pipeline! Bravo ah jib gor, you have done a great move to suppress the speculation!
ELIGIBILITY
Applicants must be a Malaysian citizen.
Applicants must be at least 21 years old at the time of the application.
Open to Individuals or Families (husband and wife) with a monthly household income of between RM2,500.00 – RM7,500.00.
Those who currently own no more than one property.
Additional guidelines set-forth by states
“Open to Individuals or Families (husband and wife) with a monthly household income of between RM2,500.00 – RM7,500.00 ”
why got minimum income ??
if income is below 2500 but absolutely no problem own financing … ?
@interested
for those below 2.5k can apply those LMC…
Income too low can’t loan lo
Election gimmick !!! “No win, No build” 55 years is enough.
Aiya all the people are waiting to change government!
Can we get BLR-2.4% for Pr1ma? Heard that no free S&P and lock in period is 10 years. Don’t understand why allow second house buyer to buy also, sounds like profit oriented scheme rather than rakyat didahulukan.
How Pr1ma turns out only depends on GE13
Another T&C which I think all should take note:
PR1MA homes will be allocated through an open balloting process. A 10-year moratorium will be imposed, during which time the property cannot be sold or transferred to another party without prior approval from PR1MA. PR1MA homes must be owner occupied.
& I heard the news said that PR1MA have the rights to take back the property if they found that the property were not stayed by the owner him/herself. Meaning after buy cannot rent to others also?
Yeah, the 10 years moratorium was announced on PR1MA official website.
If they win you pay more.
Which section of Penang will this project be built on?
@Ryan
40% lower becuase is build on government land, so is 0 cost on Land.
@jojohe
There are 10 location in island & mainland, but the very 1st project at “golden location” “federal land in Bukit Gelugor”
I think the reason why the house built can be sold at 40% lower than market price maybe:
1. the land tenure is 99 years.
2. government subsidy.
3. located in unstrategic location.
It’s term & condition unclear!
Or something like what Maxis offers Samsung Galaxy Note II sold at RM999 (40% cheaper than market price) but commit with certain package?
Did any1 register yet?
@jamie0404
i think you now ask too late d gua, i think at least got 100k people already register…
Is there any deadline for the registration?
Gimmick or not, if good and true should take it
Don’t put high hope. Potential to be another case like the Taman Manggis LMC “opera” later.
heard that penang island will only contribute less than 10% units (locate at gelugor & teluk kumbar) of overall 20k units of this project.
is it true?
Did this project got quota for Bumiputra to apply?
@100
What you think? They say no but do you believe it.
I think 70% allocated for bumi to apply.
these cheap properties may have social issue, grew up in Mccallum street
1) pebbles thrown down from top floor, cars windscreen broken
2) firecrackers on the coriddor and lift
3) graffiti are very common especially on corridor & lift
4) motobikes parts stolen
5) rubbish thrown everywhere
6) lift constantly breakdown
There’s a “filter” before balloting.
@100
yalah, where got government project not involve quota??
Very good. My guess, this Prima project can still sell an unit of condominium with the price of RM400k for up to 1000sf (RM400k is still the price range), that mean, RM400psf, still lower than market price of RM600psf by the year of 2014 onwards…..Those build on mainland, RM300k for 1000sf unit….haha….still affortable ma…
There are so many complain even on top developer’s project, like IJM, Mah Sing…etc. what will you expect for the quality of this Prima project?
If the house going to be built by any Tom, Dick or Harry developer, i don’t even want to buy it. Just imagine servicing the loan for 30 years when the wall start to crack in the second year of paying loan. The location, neighbourhood, unit and … is not one’s choice. Maybe it is just a chance for the politician to make money (buy few units) or to by earning few percentage out of it (form of bribe).
???
@SAD
Haha, cause i see that not much among my friends know bout this PR1MA…
A lot of people registered and submitted application already.
Siok sendiri la kau orang ni….PRIMA project still can sell up to RM400k; they build 1000sf for you, cost you RM400k, at Teluk Kumbar area.