Country Heights Chipi cash-back reward scheme is back again

SERI KEMBANGAN: Country Heights Holdings Bhd (CHHB) plans to re-launch its Chipi or Country Heights Innovation in Property Investment (Chipi) scheme, which offers cash-back rewards to selected buyers, sometime before the end of the year.

“We are still finalising the details of the scheme, which we plan to launch soon as an initiative to spur market interest in land investments and to reward our customers,” company chairman Tan Sri Lee Kim Yew told TheEdgeProperty.com.

Lee said the new Chipi scheme will be offered to the first 10 buyers of some 30 bungalow lots at The Mines in Seri Kembangan who will be entitled to benefit from the scheme which offers guaranteed returns of half the purchase price upon maturity of 35 years.

“The land with sizes ranging from 8,290 sq ft to 18,942 sq ft are selling from RM3.5 million, or an average of RM350 psf,” he added.

The bungalow land plots are located at The Mines Resort and Golf Club community and are within walking distance to the golf course. They are also near The Mines Shopping Mall, Mines Wellness Hotel and Palace of the Golden Horses Hotel.

The loyalty programme is designed to benefit the purchaser’s second generation, Lee said, adding that buyers must provide the names of their children to be eligible for this programme.

“With this loyalty programme, buyers need not worry about their children because part of the purchase price will be given back to their chidren upon maturity of the scheme. We also hope that their children who have benefitted from this programme will continue to be our future buyers too,” he said.

Chipi was Lee’s brainchild back in 2002 when CHHB first introduced it for buyers of its Country Heights Damansara development. It spurred buyers’ interest and created a buzz during the period of slowdown.

Through Chipi, CHHB sold some RM170 million worth of bungalow land in Country Heights Damansara. At that time, under Chipi, buyers who fulfilled the terms and conditions — by paying the maintenance and monthly instalments on time — were eligible for a cash-back reward of the purchase price upon maturity (35 years).

The payback plan for the latest Chipi scheme will be guaranteed by Malaysia Assurance Alliance Bhd (MAA Assurance) under a pure endowment policy plan.

Lee said about 170 people participated in the Chipi scheme back in 2002 and some of the buyers had chosen to surrender the scheme before the maturity period and redeem part of their investment back.

“The purchasers can choose to surrender the scheme before it matures, but they would only receive part of the reward according to the scheme schedule and not the full payment,” he explained.

“Conservatively, the land price under the first Chipi scheme has increased at least 50% or doubled over the years. Some buyers even sold their land to enjoy the capital appreciation before the scheme matured,” he added.

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This story first appeared in TheEdgeProperty.com pullout on Sept 9, 2016, which comes with The Edge Financial Daily every Friday. Download TheEdgeProperty.com pullout here for free.