Oriental Interest Berhad partners with Bank Simpanan Nasional to introduce BSN’s Youth Housing Scheme (YHS) for the launch of OIB’s Seroja Hills Condominium Phase 2

KUALA LUMPUR, 15 NOV 2016 – Oriental Interest Berhad (OIB) and Bank Simpanan Nasional (BSN) today announced its collaboration to make owning a property more affordable for first home buyers.

Cementing its partnership at the launch of OIB’s Seroja Hills Condominium Phase 2, the collaboration features BSN’s Youth Housing Scheme (YHS) aimed to help married couples between the age 25 to 40 with a household income not exceeding RM10,000 per month, to own a house.

BSN’s Youth Housing Scheme home loans of up to half a million ringgit corresponds well with OIB’s 19-storey Seroja Hills condominium located within the developing town of Bandar Baru Salak Tinggi in Sepang.

A low density of only 256 units, Phase 2 of Seroja Hills offers a single built-up area of a spacious 1,096sq ft. (3-bedroom, 2-bathroom), affordably priced at RM320,000 onwards.

Designed for modern living and equipped with facilities that include swimming and wading pool, futsal court, yoga hall and gymnasium, multi-purpose hall, library, children’s playground and 24-hour gated and guarded security, Seroja Hills is perfect for young couples looking to start a family.

Speaking during the launch ceremony, Ms Beh Suan Sim, Chief Operating Officer of Marketing Division at Oriental Interest Berhad shared, “Since our establishment in 1985, we have always focused on creating long-term communities and sustainable townships by developing affordable and quality homes.

As such, we are excited to embark on this partnership with Bank Simpanan Nasional as this collaboration further supports our ambition of making homes more accessible for first time buyers.

This joint effort is also in line with the government’s initiatives to enhance first home buyers’ affordability, as tabled in the recently announced 2017 Budget.

Developments in Salak Tinggi are increasingly on the radar of prospective buyers searching for affordable properties, and as one of the major property players in that vicinity, we will continue to invest to offer consumers the best value for their purchase.

Seroja Hills is one of our featured projects in Salak Tinggi; it is developed with the residents’ convenience in mind and is designed to meet the living requirements of young couples and families.

For us at OIB, a desired home needs to be one of quality, is practical and most importantly attainable; hence, we strive to develop projects that reflect these makings.”

BSN’s Youth Housing Scheme is extended to the first 20,000 qualified applicants where it finances the purchase of either completed, under construction or sub-sale properties.

Under YHS, BSN will provide home loans ranging from RM100,000 to RM500,000 with a tenure of up to 35 years or the age of 65, whichever is earlier. Both conventional and Islamic home loans are eligible with financing margin of up to 100% of the purchase price.

Successful applicants will also receive additional financing up to 5% of the purchase price for the cost of Mortgage Reducing Term Assurance (MRTA) or Mortgage Reducing Term Takaful (MRTT).

Further aid is offered by the Government with monthly disbursements of RM200 per month for the first 2 years from the first disbursement to help the couples with their loan repayments.

To enhance first home buyers’ affordability, government has recently introduced several policies under the 2017 Budget to promote affordable home ownership for the right target groups.

These include building more affordable homes through its various property development companies, and a full stamp duty exemption for first-time home buyers on houses costing up to RM300, 000.

“For first-home buyers, some of the challenges of owning a property today include the steady increase of property prices, loan approvals that very much depend on income level, and the ability to pay the 10 percent down payment where buyers sometimes struggle to raise.

This is where our Youth Housing Scheme (YHS) comes in to help young buyers with their first property purchase. Since its launch by Prime Minister Datuk Seri Najib Tun Razak last October, we have been working tirelessly with the Government as well as with various property developers to select desired yet affordable homes for young buyers.

Our partnership with Oriental Interest Berhad is another milestone in our effort to help make homes more affordable to first time buyers. As home financing is made easier and more accessible to buyers, and this will encourage more people to buy houses, especially among the younger generation,” said Mr Frederick Siew, Deputy Chief Executive of Retail Banking at Bank Simpanan Nasional.

Perched on the high grounds of Salak Tinggi, Seroja Hills is the highest residence in the vicinity that presents a much desired yet affordable hilltop living, where residents can enjoy the tranquillity of the suburbs yet remain connected to the city.

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With neighbouring education hubs (Xiamen University, Nilai University, INTI International University, Manipal College, and Universiti Islam Sains Malaysia) as well as strategically situated around major highways (MEX, ELITE, PLUS, KL-Seremban), transportation hubs (KLIA, KLIA2 and ERL lines) and upcoming commercial developments, Salak Tinggi in Sepang is fast becoming a preferred location to live.

Seroja Hills Phase 1 has seen a take up rate of 80% since its launch in June this year, indicating the great demand for affordable and quality homes in Salak Tinggi and consumers’ trust in OIB. OIB started its foray into the Southern region of Klang Valley in 1989 developing around 100 projects.

Its successful projects in the locale include Taman Dahlia, Taman Seroja, Desa Pinggiran Putra, Puncak Pinggiran Putra and Taman Arked to name a few. Seroja Hills Phase 2 is slated for completion in mid-2019.

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