With most young urbanites searching for work-life balance, the lifestyle living concept is fast gaining a foothold in the country.
However, with members of Gen Y establishing themselves as the biggest population group in Malaysia, the demand for affordable lifestyle properties will continue to increase in the near future, as many will begin to look for a place of their own to settle down.
This year will only see affordable to mid-range priced properties receiving more interest from property buyers.
Mid-sized apartments and two-storey terrace houses are still at the top of the list for aspiring homeowners.
Most prospective buyers are targeting properties located in well-developed and connected locations, especially with direct access or being in close vicinity to public transportation.
Owning a property is now made easier as Oriental Interest Berhad (OIB) and Bank Simpanan Nasional (BSN) had recently announced its collaboration to make owning a property more affordable for first time home buyers.
Phase 2 of Seroja Hills offers a low density, 256-unit condominium. Standing at 19 levels tall, the development offers a single built-up area of 1,096sq ft, presented in a three-bedroom and two-bathroom configuration.This property is affordable as it is priced merely at RM320,000 onwards.
The residence is designed for modern living and will feature facilities including a swimming and wading pool, a futsal court, yoga hall and gym, multi-purpose hall, library, playground, as well as a 24-hour gated and guarded security service.
The partnership between the two prominent companies was made official at the launch of OIB’s phase 2 of Seroja Hills Condominium that will be developed in the rising town of Bandar Baru Salak Tinggi in Sepang.
The collaboration features BSN’s Youth Housing Scheme (YHS) aimed to help married couples between the age of 25 to 40 with a household income not exceeding RM10,000 per month, to own a house.
BSN’s Youth Housing Scheme is extended to the first 20,000 qualified applicants where it finances the purchase of either completed, under construction or sub-sale properties.
Under YHS, BSN will provide home loans ranging from RM100,000 to RM500,000 with a tenure of up to 35 years or the age of 65, whichever comes first.
Both conventional and Islamic home loans are eligible with financing margin of up to 100% of the purchase price.
Successful applicants will also receive additional financing up to 5% of the purchase price for the cost of Mortgage Reducing Term Assurance (MRTA) or Mortgage Reducing Term Takaful (MRTT).