Premium team: (From left) Bee Leng, Chong, Kan, Keng Cheng and Tan at the StarProperty.my Fair 2016 Premium Partners Announcement Ceremony.

PETALING JAYA: Not only has the First House Deposit Financing (MyDeposit) scheme received overwhelming public response, it has also encouraged more developers to venture into the affordable housing market.

National Housing Department director-general Mohamad Yusoff Ghazali announced before that the MyDeposit scheme, which was launched on April 6, had received 1,046 applications within a week.

Under the MyDeposit scheme, first-time homebuyers with a household income of between RM3,000 and RM10,000 will be given a contribution of 10% from the sale price or a maximum of RM30,000 (whichever is lower) for homes priced below RM500,000.

In the face of a market slowdown, more property developers have been looking to build housing units that are below RM500,000.

The Government’s initiative has been a positive sign for the developers to build more affordable properties.

Ekovest Bhd managing director Datuk Seri Lim Keng Cheng said the company was targeting to kick start its affordable housing project based in Setapak this year and the MyDeposit scheme was very encouraging.

He also urged the Government to reconsider the Developer Interest-Bearing Scheme (DIBS) for the first-time home buyers.

IJM Land managing director Edward Chong said young purchasers buying properties below RM500,000 were strongly encouraged to make good use of the scheme and apply for this financial assistance.

Beside the Government’s initiative, IJM had aimed to facilitate the buying process through its Free Stay@No Pay campaign, added Chong when attending the StarProperty.my Fair 2016 Premium Partners Announcement Ceremony yesterday.

The event was officiated by Star Media Group chief operating officer Calvin Kan. Also present were chief revenue officer Lim Bee Leng and StarProperty.my assistant general manager K.C.Tan.

IJM Land and Ekovest Bhd will be joining most upcoming StarProperty.my fairs this year as the premium partner.

“StarProperty.my is the right partner for us because it is a good integrated property consumer platform that provides property information to the readers and the market,” said Chong.

Lim pointed out that The Star had an influential presence among professionals and young readers, especially with the introduction of Internet subscription and online presence.

The upcoming fairs will be held at Johor Baru City Square (July 22-24), Nu Sentral (Aug 15-21), Sunway Putra Mall (Aug 26-28), Publika Mall (Sept 26-Oct 2) and Kuala Lumpur Conven-tion Centre (Nov 18-20).

For more details, log on to fair.starproperty.my.