PETALING JAYA (July 9): All 50 units of Ramah Pavilion condominium in Teluk Kumbar, Penang island, under the developer’s rent-to-own (RTO) scheme were taken up by interested buyers within two months after the scheme was introduced in mid-April.
Developed by M Summit Group, Ramah Pavilion comprises two blocks of 39 and 36-storey 759 condominium units with built-ups ranging between 800 sq ft and 1,350 sq ft.
Prices of the units start from RM458,000.
According to a press statement, the developer has started handing over the units by phases to the buyers from July 2.
A total of 2,500 people attended the mock key handover ceremony officiated by Penang Chief Minister Chow Kon Yeow at Ramah Pavilion that day.
M Summit Group founder and managing director Datuk Albert Moh said over 700 units were sold since its launch in 2014, and currently only less than 5% of the total units are still waiting for new owners.
Besides the 759 units of condominiums, Ramah Pavilion also comprises 15 retail units at the ground floor which will offer amenities to the residents.
“Confirmed tenants include a bakery, convenience store, Laundromat and a day care centre. The retail units will be handed over in August and the shops will start operations in October after renovation,” he added.
The affordable home development also boasts a wide range of facilities including rooftop farms, a spacious garden complete with a giant chess board, swimming pools, children’s playground and reflexology path.
On the RTO scheme, which is the first to be introduced by a private company in Penang, Moh said while all the units have been taken up, there are still many interested buyers are enquiring about the scheme.
“We will oblige [but there are] only limited number of units left in Ramah Pavilion,” he said.
Under the RTO scheme, the monthly rental collected over the five years would be treated as 20% of the unit’s price.
Before the rental tenure expires, the “tenant” has the option of signing a Sales and Purchase Agreement to buy the unit at the present purchase price.
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