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PR1MA: debts cut, 30 projects cut, RM10 billion fund used up and 16,000 units sold.

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PR1MA is a provider of affordable homes. It was reported to be facing financial difficulties and thus was undergoing a restructuring process. I have a few friends who have bought PR1MA units and even one who bought just few months ago after asking me if buying a PR1MA unit is a safe decision. Briefly, I told her to go ahead if it’s really a PR1MA project and it really meets all her expectations. I still believe buying a unit under PR1MA remains a safe decision yeah. My view. Now we have one latest update.

Article in edgeprop.my Perbadanan PR1MA Malaysia has succeeded in cutting down its debt exposure from RM24 billion to RM12 billion after undergoing a due diligence process, corporate restructuring and management change process.

Housing and Local Government (KPKT) Minister Zuraida Kamaruddin said a review of 94 projects under PR1MA saw a decision to cut 30 projects.

PR1MA has also renewed its partnership agreements with 17 development partners worth RM3.29 billion. The developer partners will now also take over the sales and marketing functions and collections from buyers. Previously, the developers were only responsible to build houses and monthly progress payments were handled by PR1MA.

Zuraida said PR1MA has spent the RM10 billion budget allocated by the government and Putrajaya does not plan to inject any more money into the agency.

During the Home Ownership Campaign 2019 (HOC 2019), PR1MA sold 16,000 bookings of which half of them have gained loan approvals. There are a total of 94,191 PR1MA homes nationwide, to date of which 13,359 units have been completed while 42,777 units are currently under construction. PR1MA targets to complete 4,082 units by end-2019. Please refer to article for more references. Article in edgeprop.my

I do think PR1MA is needed for the sake of many Malaysians who need an affordable home. Good location, good prices. However perhaps PR1MA was trying to do too many things at one time or it was just not equipped enough to do what it wanted to do. Perhaps it was moving too fast for its sake. An effective implementation needs time too.

Now, it seems that the storm has passed and the sun is starting to shine again. Let’s have even more of those key handover news from PR1MA projects in the near future. As they say, there’s another 4,082 units to be completed by end-2019. That’s like 2-3 months away only. Happy buying if any of the PR1MA projects are to your liking yeah.

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Next suggested article: PR1MA’s fate? Here’s an update

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