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.
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.