Good news for anyone of you out there who is currently looking to buy a house.

Selangor Investment Committee chairman for Industry and Commerce, Small and Medium Enterprises and Transportation Datuk Teng Chang Kim has just announced that homebuyers will get to enjoy a 10% discount for certain properties starting next month.

soho sovo Malaysia Condo
Source: Malaysia Condo

The 10% discount is applicable to all, regardless if they have the Bumiputera status or not. The article which said that the Selangor state government will abolish the 10 per cent discount for Bumiputera is inaccurate because the deduction is for all,” Teng was quoted as saying.

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The 3 properties in question that falls under the state’s affordable housing category are:

  • Serviced apartments
  • Soho (small office/ home office)
  • Sovo (small office/ versatile office)

Teng explained that the new government’s implementation of new guidelines for housing development is to be fair to those who are less capable of purchasing the properties regardless of race. He added that it wouldn’t make sense if the discount is given to only selected group when other communities have the same purchasing capability.

teng chang kim
Source: SITEC

The Selangor exco also revealed that the ceiling price for serviced apartments is RM270,000 while a Soho or Sovo unit can cost up to RM230,000. Soho properties are generally catered to young singles, newly- weds, and budding professionals since its modest size can function both as a home and a work space.

Sovo, on the other hand, are units that come with “telecommunication and infrastructural facilities that allow for immediate business start-ups”. Property owners of Sovo are required “pay assessment, water, and electricity and telephone bills based on commercial rates, which are generally higher than residential rates”.

balconies-1031241_1280
Source: KL Coconuts

If you’re wondering what’s the household income required before applying, Teng stated that the amount has been increased from the previous RM8,000 a month, to now, RM15,000 a month.

However, buyers with household incomes of less than RM10,000 will be prioritised. If they fail to secure loans, only then will the sales (of units) be extended to those earning more than RM10,000,” he said.

Sources: Malaysian Digest, NST, Property Guru.

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Justin
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