1,000 sf gets TWO car parks. Below RM300k in Selangor and slightly higher in KL.

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I wrote about this before that if we are buying a new condominium of 1,000 sq ft or higher, we should get 2 car parks instead of one regardless of whether it’s nearby or next to a LRT / MRT station. One may be provided for free and the other one please buy an extra car park lot from the developer. The reason is simple, if we have just one and we needed an extra one in the future, it will be great inconvenience to us. Some friends however said that as long as the project is a Transit-Oriented-Development, one car park is fine. There’s no need to pay that extra RM30,000 or higher for one extra car park lot. Well, I think the Ministry of Housing and Local Government (KPKT) is on my side… They have just announced the National Affordable Housing Policy or also known as Dasar Perumahan Mampu Milik (DRMM). Read on.

Article in edgeprop.my With the DRMM, the ministry believes that affordable homes may not only refer to homes at low prices but the home must also provide a comfortable and safe living environment, in other words they must be quality homes for the lower income group.

Eligibility

You can apply to own a home in an affordable housing scheme,  if you are:

•             a Malaysian

•             aged 18 years old and above

•             at a qualified income level

•             a first-time homebuyer

•             registered with the state government’s housing agency

•             agreeable to the terms and conditions of homeownership set by the local government (such as obtaining permission from the local government to re-sell the home)

Who has the priority to purchase affordable homes?

•             disabled person

•             senior citizen who is 60 years old and above

•             single mother

•             civil servant

•             single women who are 45 years old and above

What makes a comfortable affordable home?

Facilities      

•             Must have community facilities that could encourage interaction among residents and to serve community needs, such as kindergarten, playground and multi-purpose hall as well as surau

•             All the fire fighting and safety equipment used must be certified by the Fire and Rescue Department of Malaysia (Bomba)

Car park allocation

•             Landed homes: at least one parking bay

•             High-rise homes: at least one parking bay for units with built-ups of below 1,000 sq ft, two parking bays for units of over 1,000 sq ft

•             Additional one motorcycle parking bay for every two units

•             Additional 10% parking bays for visitors

•             Additional parking bays for disabled drivers

Cheap doesn’t mean high density 

•             In major cities in Selangor, Penang, Johor and Kuala Lumpur, affordable home development density is around 120 units per acre

•             For transport-oriented developments (within 400m radius from a main station), it is around 150 units per acre

Quality

The development must fulfill QLASSIC assessment

Pricing

The pricing for affordable homes will not exceed RM300,000 but the exact selling price will vary across different states based on the household average income and construction cost in each area.

Article in edgeprop.my

Will all these new affordable homes affect some existing developments which are of similar size BUT is currently higher priced? I believe so. However, I do not think we have that many high-rise apartments with minimal facilities which are priced way higher than RM300,000 currently. However, IF KPKT is really able to ensure these homes are well maintained like the HDB flats in Singapore for example, then the prices will continue to rise with time and inflation. It bodes well for the buyers who own a unit and even at 3% average increase per year, it will easily double by the time the owner retires. Without this opportunity to own an affordable home, these first-time home buyers will continue to rent and watch as their money get smaller and the owner gets richer over time. Sigh… Let’s hope every Malaysian should own at least the home they stay in. It’s impossible to rely on the government to help everyone, even if they are in the B40 household income category.

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Article written and edited by Charles. News article summarised by Dina Batrisyia.

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