By October 27, 2013

RM1.9 billion to build 123,000 PR1MA Homes

RM1.9 billion to build 123,000 PR1MA Homes

The Ministry of Finance, in its Economic Report 2013/2014 released today, said RM500 million was allocated to PR1MA to build 50,000 homes in prime locations across the country and another RM300 million was to build 30,000 homes in collaboration with private developers.

A total of 320,000 people will own their own homes under the affordable housing programme, when the homes costing between RM100,000 to RM400,000 per unit are expected to be completed in 2016.  PR1MA homes, which are generally 20 per cent cheaper than the current market price, are sold through an open balloting system and are expected to be ready in three years.

For low-income earners, the government has allocated RM320 million to SPNB to build 22,855 homes, including 1,855 medium-cost apartment units and 10,000 units of public housing projects, to be completed in 2015.

Meanwhile, the government also allocated RM543 million to the National Housing Department to construct 20,454 unit of People’s Housing Programme (PPR) units using the Industrialised Building System.

In line with its efforts to create an IT-savvy generation and to equip the people with the latest information, the Malaysian Communications and Multimedia Commission (MCMC) has allocated RM150 million to establish 1Malaysia Internet centres (PI1M) in urban PPR areas.

It was reported that by August 2013, some 359 PI1M were established.

In addition to the high housing market prices, the young generation in the country also has difficulty in making the downpayment to purchase a home.

Therefore, the government has introduced the My First Home Scheme, a home financing scheme enjoyed by young people earning less than RM5,000 for individual or joint income of up to RM10,000 and, in August 2013, some 108 applicants received approval from the banking system.

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