PR1MA house buyers are not allowed to sell within 10 years
The establishment of PR1MA Corporation Malaysia (PR1MA), under the PR1MA Act 2012, was to plan, develop, construct and maintain affordable housing for middle-income households (those with a monthly household income of between RM2,500 and RM7,500).
Najib had said he was aware of the financial pressures faced by the urban middle-income population because of the country’s rapid urbanisation and had made known his vision of rebalancing assistance to those in both rural and urban areas.
PR1MA is one of the initiatives to help the people manage costs of living in urban areas and is the first programme that targets the middle-income group, with homes ranging from RM100,000 to RM400,000 in a sustainable community.
PR1MA projects have been launched in many parts of the country, where house prices have spiralled beyond the means of middle-income earners.
Under the scheme, each unit is sold for between RM150,000 and RM300,000, depending on its location and size.
Each unit is between 800 and 1,400 sq feet, with three bedrooms and two bathrooms.
Applicants must be first-time buyers for the scheme.
They need to occupy the house and can obtain loans of up to 105 per cent from selected financial institutions, with a payback period of up to 30 years.
To prevent speculation, PR1MA house buyers are not allowed to sell within 10 years.