Starting from September 1, 2016, prices for affordable serviced apartments, SOHO (small office home office) and SOVO (small office versatile office) in Selangor will be lowered to benefit buyers from the lower and medium-income categories.
The 10% Bumiputera discount will no longer be available as the prices will be reduced for these properties to benefit all who are eligible.
The ceiling prices for these properties will be determined by the Selangor government, where a serviced apartment would be priced at a maximum of RM270,000, and SOHO and SOVO types at the maximum of RM230,000 per unit.
According to the state’s Industry and Commerce, Small and Medium Enterprises and Transportation executive chairman Datuk Teng Chang Khim, this measure is part of the Selangor government’s implementation of new guidelines for housing development.
However, the 30% Bumiputera equity condition for property ownership would be maintained.
Other than the reduction of prices, the maximum household income eligible for these properties has also been increased from RM8,000 to RM15,000 a month. However, priority would be given to those with household income of less than RM10,000. This will allow more people to qualify for the purchase of such homes.
Though the 10% discount for Bumiputra buyers of these properties have been removed, these buyers would not be affected because the price of these properties have been lowered and standardised for all.
This initiative was further endorsed by Selangor Menteri Besar Datuk Seri Mohamed Azmin Ali, who said as far as affordable and low-cost homes were concerned, the need transcended race, religion, skin colour and background. Being less financially capable and poor cuts across races and religions, and therefore Selangor’s principle is to help those with lower income to own homes.