The new mixed-use project in JB will offer landed homes for less than RM100,000 each.
Johor’s Sultan Ibrahim Ibni Almarhum Sultan Iskandar will launch a mixed-use project in Johor Bahru with affordable homes to commemorate his 59th birthday today (23 March), reported The Star.
Situated in Bandar Dato Onn, the freehold development comprises different types of residential and commercial properties. It will be undertaken by the Sultan Ibrahim Foundation, in partnership with Bank Rakyat.
“I want this to be a first-of-its-kind housing scheme that is truly affordable, offering the cheapest and best quality houses to the people,” said Johor’s ruler.
For example, the semi-detached homes and the three-bedroom bungalows there will cost less than RM100,000 (S$31,598) per unit. In addition, successful applicants only need to fork out a down payment of RM1 (S$0.32 cents) to get a full housing loan with easy repayment terms.
These affordable houses are open to all eligible citizens of Johor, but the process to choose the buyers will be rigorous, noted Ibrahim, adding that the soft launch was held at Galleria@Kotaraya yesterday.
He also pointed out that besides providing low-cost flats, another objective for unveiling this development is to shake up Johor’s residential property market and encourage private developers to cut home prices.
“We must make housing more affordable. The price now is way beyond the reach of the average wage earner,” noted Ibrahim.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
