New Housing Projects For Middle-Income Unveiled

New Housing Projects For Middle-Income Unveiled

The Malaysian government has launched few several apartment projects around the Klang Valley for households earning RM10,000 or less a month.

The first project – City Apartments or Pangsapuri Bandaraya – will be located at Sungai Udang, Segambut, and comprise 1,251 units of three-bedroom apartments.

These units will be rented out at RM800 a month to qualified applicants.  Tenancy is based on a five-year cycle.

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Also, under the scheme, a certain amount from the monthly rental will be carved out as part of a “forced savings” of sorts. So RM300 out of the RM800 will be set aside every month and the total – about RM18,000 for a tenancy of five years – will be returned to the tenant.

The purpose of the forced savings is to use the money as a deposit to buy a home elsewhere.

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