Malaysian's PR1MA Scheme

What is PR1MA?
Let's find out together!

Check out this informative article below for more info:

---

Are you a middle-income household member who’s looking to buy a home? Then, it might be worth your while to check out PR1MA – an initiative by the Malaysian Government to develop affordable housing for middle-income households.

In our 3-Part PR1MA Series, we will examine how PR1MA works, what the benefits are, and how you could go about applying for one.
What is PR1MA

PR1MA stands for Perumahan Rakyat 1Malaysia (or the 1Malaysia People’s Housing Programme in English). The objective of PR1MA is to develop affordable housing for middle-income households in key urban centres of Malaysia. For the purpose of PR1MA, middle-income is defined as a joint monthly income (encompassing both husband and wife’s earnings) of RM2,500 to RM7,500.

Why Establish PR1MA?

PR1MA was established by the Government as a means to help the intended demographic manage the cost of living in urban areas, specifically, in elevating their chances of owning a home amidst escalating property prices in Malaysia.
What Kinds of Homes Will Be Available Via PR1MA?

Houses available under PR1MA will be located in sustainable communities and be priced between RM100,000 and RM400,000.

As of March 2013, areas that have been identified and are under various stages of development include Seremban Utara, Negri Sembilan; Kuantan, Pahang; Nusajaya, Johor; Bukit Gelugor, Penang and Alam Damai, Cheras (Source: NST). An estimated 80,000 PR1MA homes will be built in Klang Valley and the Federal Territory alone.

How Much Cheaper will PR1MA Properties be?

There are no official confirmations as yet. However, in an interview with The Star on 11 March 2013, Prime Minister YAB Dato’ Sri Haji Mohd Najib bin Tun Haji Abdul Razak had been quoted as saying PR1MA houses will be “at least 20% lower than market rates”.
How does a Person buy a PR1MA Property?

PR1MA properties are offered via an open ballot (i.e. the process of drawing lots). To become a qualified candidate, you will need to complete a registration process and get your own PR1MA number. Thereafter, you can submit an application for balloting to the PR1MA property of your choice.

source: http://www.imoney.my/articles/pr1ma-1

RE: RINGGIT MAY DOWNTREND to 3.33 level against US$ by yr-end - HSBC economist

Uh-oh, so during the Chinese New Year, our uncles and aunties, cousins, siblings and friends have been discussing about the economy growth right? 
I'm sure it was hidden somewhere between the pile of discussions after your aunty brags about the new house or jewelry or about the latest holiday trip..
or was it your cousins whose children had the higher score and top of the class?

It all later boils down to the economy and our Ringgit Malaysia (RM) is expected to decrease in value as compared to the USD. 

---  

KUALA LUMPUR - The Malaysian ringgit is expected to touch the 3.33 level against the US dollar by year-end on the back of the strengthening greenback, said HSBC ASEAN Economist, Lim Su Sian.
At the end of last year, the local currency was traded at 3.25 against the greenback.

"The ringgit is not the only ASEAN currency that is weakening against the US dollar as the US Federal Reserve is printing money at a slower pace to strengthen the dollar.
"However, we see the ringgit remaining strong as the underlying fundamentals remain strong," Lim told a media briefing on the Economic Outlook 2014 in the capital, Thursday.

She said Bank Negara Malaysia does not interfere with the market value of the ringgit, especially when compared to some other central banks, which intervene more than BNM does.

BNM allows market forces to set the price of the ringgit, she added. -BERNAMA

source:  http://www.malaysia-chronicle.com/index.php?option=com_k2&view=item&id=218022:ringgit-downtrend-to-333-level-against-us$-by-yr-end-hsbc-economist&Itemid=3

New Rules in housing/ real estate in buying and selling

Whats the latest with Penang housing laws and updates?
After the DAP took over Penang, they have been making lots of changes and improvement

Here is one to shout about..in fact, even scream! Yes..they have changed the rules again...and allot of people need to readjust their spending/ investing. The rules of the investment game has been tightened and speculating investors are now looking at a very hard time...

Trading houses/ real estate is now going to be such a breeze now and its going to take time

Well, to me I say: Kudos to the Penang gomen for implementing these rules
Penang will see more stable property/ real estate growth in the near future because of this
Sure...there are some angry speculators but hey, you can't please all right?
 
Don't burn the whole forest just because you want a tree - think of others too!

---

The state of Penang is set to enforce new housing regulations on the proposed date of February 1, 2014.
At its core, the new regulation is designed to minimise speculation in the state’s property market and to ensure public housing and affordable homes are accessible to low and middle-income first-time home buyers.

The new regulation affects citizens and non-citizens buying low cost homes (up to RM42,000), low-medium cost homes (up to RM72,500), affordable homes on the island (below RM400,000), and affordable homes on the mainland (below RM250,000) and covers all past and future purchases.
Our infographic below illustrates the new housing regulation and restrictions imposed on home buyers.


Homeowners who wish to sell their house within the 5 or 10-year lock-in period must first make an appeal to the state government. Additionally, these houses can only be sold to “listed buyers” which are certified middle-income individuals registered with the state government’s Housing Department.

source: http://www.imoney.my/articles/penang-new-housing-rules