Home ownership has become increasingly difficult to access, particularly for first-time buyers and low-income earners, as house price growth has outstripped growth in income.
To address this issue, the government is targeting to build one million units of affordable homes and low-cost houses within the next 10 years.
Building these type of cheap houses is not a new thing for Malaysia as developers have been doing it for decades. Since 1982, private developers have been required to allocate a 30 per cent quota of low-cost housing with a controlled selling price when developing new projects.
The housing policy is to provide Malaysians of all income levels, particularly the low-income groups, accessibility to adequate, affordable and quality shelter.
The problem with affordable housing and low-cost apartments is the take-up.
For some homebuyers, affordable housing is high-density, basic cookie cutter, unattractive houses with limited facilities and no security.
Quality of life is also questionable as most affordable housing are tight with narrow, badly lit corridors, have stairs instead of lifts and no space for children to play.
Oriental Interest Bhd (OIB), a private developer, wants to change the way affordable houses are built.
The company is developing Myra Putra, a gated and guarded living under the KPKT MyHome Scheme.
Myra Putra is a new affordable housing project in Desa Pinggiran Putra on Malay reserve leasehold land in Putrajaya.
OIB general manager of sales and marketing Wendy Lim said prospective young homeowners have three qualities they look for when house-hunting — affordability, attractive and vibrant living space and location.
Lim said buyers can look forward to an exceptional standard of living that includes a vibrantly-designed facade, bright and airy corridors.
There’s also condo-grade facilities like a climbing wall and outdoor theater, a fun park with a trampoline, a performing platform, a celebration corner, as well as a game room and gym within the clubhouse.
Lim said the units are selling at RM299,800 for a 920 sq ft, 3-bedroom and 2-bathroom apartment.
Under the KPKT MyHome Scheme, buyers can enjoy up to RM30,000 rebates.
Lim said despite its close proximity to the heart of Putrajaya, Myra Putra is priced 15 per cent lower than the average price per sq ft within the Putrajaya area, offering young families or young single adults an unbeatable choice.
“Our aim is to give residents the sense that they are living well and to show that we respect and care for the investment they have worked hard for. Why rent when you can own? The apartment comes with condo-grade facilities at 15 per cent lower than the average price per sq ft in the area. Monthly installments will not exceed RM1,500, against RM1,200 which is the lowest available rental in the area,” said Lim.