Better Malaysia Foundation launches social enterprise programme for affordable housing

KUALA LUMPUR (April 27): Better Malaysia Foundation (BMF) has launched a new social enterprise programme to assist the government in addressing home ownership aspirations of low-income Malaysians, namely for B40 households.

In a statement yesterday, BMF founder Tan Sri Vincent Tan said the social enterprise would facilitate the construction of properties with a low monthly cost of ownership, carefully designed for families to grow and prosper.

Hence, he said the foundation, in collaboration with Berjaya Land Bhd, has designed a 900 sq ft five-bedroom, four-bathroom show apartment specifically for this initiative.

Tan said affordable housing could realistically be priced from RM120,000 to RM300,000 for an apartment with sizes starting from 450 sq ft up to 900 sq ft in the Klang Valley.

“This price range is achievable with the government support in terms of charging lower land premiums and nominal development charges for affordable housing projects."

As such, Tan urged the government to implement strategic initiatives for banks and financial institutions to provide 100% financing to B40 house buyers with two-generation home loans of between 40- and 60 years duration, so that loan repayments would be affordable and manageable.

Besides that, he added that the government should also guarantee the home loans of B40 house buyers so that such loans could be offered at a lower interest rate.

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