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. You can read about the application process here.
Want to know more? Then move on to Part 2 of our PR1MA Series to see if you qualify as a home buyer.
