S P Setia and Maybank extend rent-to-own scheme to newly-launched homes


SETIA ALAM (April 24): S P Setia Bhd and Maybank are partnering for the second year to offer Setia FlexKey, an enhanced HouzKEY financing scheme by Maybank.

This new rent-to-own (RTO) home ownership solution is now expanded to S P Setia's selected new launches, not just completed homes. 

Homebuyers will now be able to select their own units and preferred location from newly launched Setia properties offered under this scheme and not be limited to completed units.

Similar to HouzKEY, Setia FlexKey is an alternative financing scheme to help first-time homebuyers on their journey to home ownership. Homebuyers will be able to enjoy the flexibility of converting rentals paid as down payments towards purchasing a home at locked-in prices.

“Under the FlexKey scheme, a wide selection of properties to suit respective lifestyles and needs on top of preferred locations are available for qualified homebuyers to choose from, including units from Setia’s award-winning townships Setia Alam and Setia EcoHill 2 in Klang Valley,” said S P Setia president and CEO Datuk Khor Chap Jen at the launch event of the scheme.

“The launch of Setia FlexKey certainly comes as a timely attraction for young or first-time homebuyers as it is a smarter alternative to achieve better cash flow considering its low entry cost of only three months refundable deposit. Hence, this scheme is also anticipated to appeal to varying target markets regardless of their financial backgrounds. 

“The fact that they can now choose newly-launched units is an attractive point and Setia is proud to be able to offer this first-of-its-kind arrangement in the industry,” Khor added.

The scheme is such that within the fifth year, should the homebuyer decide to own the house, he or she can purchase it at the locked-in price. 

“We are truly proud of this collaboration with S P Setia, and we believe that our HouzKey product is the perfect fit for this FlexKey scheme. 

“Working together, we are widening our reach and opening up opportunities for more Malaysians to own properties without having to worry about the high upfront costs
associated with purchasing a property,” said Sally Lye, Maybank Real Estate Ventures managing director who was also present at the event.

Last year, Maybank launched HouzKEY, a rent-to-own scheme, the first by a bank in Malaysia. 

Designed to assist first time homebuyers, the scheme provides an alternative solution for customers to own their desired homes with a minimal upfront cost of three months refundable rental deposit. Customers are also given the flexibility to purchase the property any time after 12 months of renting at a locked-in price.

The Setia FlexKey scheme is available for a wide selection of projects consisting of S P Setia’s residential properties in the Klang Valley, Johor and Penang from now until Dec 31 this year.  

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