A whopping 265,000 applicants jostle 1,840 dream homes in Johor Baru

A whopping 265,000 applicants jostle 1,840 dream homes in Johor Baru

 

It is definitely good news to many people who can now own their own homes at a mere fraction of the current market price, thanks to a popular housing scheme coming up in Johor Baru. This pilot housing project has been highly successful in triggering an awesome response.

 

The project opened its doors for registration on Wednesday, after it was officially launched by none other than the Johor Sultan himself. With a total of1, 840 properties as well as apartments available, the highly popular Bangsa Johor Dream Home Project had attracted over 265,000 applicants by yesterday noon.

 

Began by the sultan’s charitable foundation – Yayasan Sultan Ibrahim, this scheme has become a very popular initiative in Johor, not just because of the amazingly affordable homes but also due to a reply by Johor Sultan Ibrahim Iskandar directed at Tun Mahathir Mohamad in relation to the remarks he recently made regarding the Malaysian state.

 

Apparently, Dr, Mahathir wrote a blog expressing his worry that Prime Minister Najib Razak is letting mainland Chinese companies to have a leeway of purchasing huge tracts of land, especially in Southern Johor. Many viewed his remarks about Chinese projects in Malaysia as part of a wider scheme to push Mr. Najib out of power. But seemingly, Dr. Mahathir’s sentiments did not go down well with the Johor ruler, who has strongly expressed his concern that the former Malaysian Prime Minister is simply placing political interests above the citizens and the country’s interests, especially in Johor.

 

It is for this reason that Malaysian political pundits are of the opinion that the launching of the affordable the affordable housing project, whose timing was deliberately scheduled to coincide with the celebration of the Sultan’s 59th birthday, and meant to be his gift to the Johor people, was aimed at sending a loud and clear message to outsiders who might want to meddle in the affairs of the ruler’s backyard.

 

The launch of the now famous project, which took place in Galleria Kotaraya, saw some of the buyers arrive as early by 6.00 am, even though the event was planned to begin at 2.30pm. About 840 new homes will be put up spanning two suburbs at Bandar Baru Majidee and Bandar Dato’ Onn. An additional 1,000 units are set to be constructed at Bukit Saujana, next to Johor Baru city centre.

 

There is no doubt that what has made the project even more attractive is their unbelievably low cost, with the homes at the city centre expected to cost anything between RM297,000 ($94,000) and RM429,000, which is way below the present value of prime estate. As a matter of fact, such homes are likely to cost up to RM1million in the current real estate market. The most reasonably priced homes will be those located at Bandar Dato’ Onn, which will built with a mixture of landed homes at the cost of RM95,00,  RM85,000 and  RM80,000, respectively for a bungalow, semi-detached house and a terrace unit respectively. All the houses are also expected to come complete with essential electrical appliances like television, washing machines and refrigerators.

 

The applicants will undergo stringent vetting by a special committee fronted by Yayasan. Each of them has to meet specific conditions such as being a native of Johor by virtue of birth. Besides, they should have a family unit with children and be earning a combined household income which is not more than RM4, 000 per month. Also, the applicants, as well as their parents, should not own any house currently. Yayasan has teamed up with Bank Rakyat to offer housing loans of up to 100% and qualified buyers just need to give a down payment of RM1.

 

The Dream Home Project will be executed by Johor Land.

 

 

Learn more from link the below,

http://www.straitstimes.com/business/property/265000-applications-for-1840-jb-dream-homes

 

 

 

 

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