BY RAZAK AHMAD
KUALA LUMPUR: A pioneering housing project targeting urbanites who are still unable to afford to buy their own homes has been launched by Prime Minister Datuk Seri Najib Tun Razak.
The project - called the Bandaraya Apartments - will be built at Sungai Udang, Segambut, and those earning RM10,000 and below who are selected will be given a chance to rent three-bedroom apartments for RM800 a month for a maximum of five years.
From the RM800 monthly rental, RM300 will be set aside each month as “forced savings” that will be returned to the tenant at the end of his rental period.
Once the rental period is over, the tenant will have to vacate the apartment to allow a new tenants to rent it.
Najib said that after five years, a tenant will have an accumulated forced savings of RM18,000, which he can then use as deposit to buy his own home.
“This project is designed to help those earning RM10,000 and below a month. This is the first time that this concept is being done in Malaysia, and the Government will roll out a few more similar projects in Kuala Lumpur in time to come,” Najib said at the ground-breaking ceremony for the project here.
The project, situated about 15 minutes from the city centre, will be developed by Kuala Lumpur City Hall (DBKL).
A total of 1,251 apartments will be built, each 807 sq ft in size.
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