Houses in less-dense areas rising in demand

AS more people are opting and being instructed to stay and work from home, people are making adjustments to turn their homes into office space.

Realising that the comfort of their home is all they need to work and live in, people have opted for better living conditions for themselves and their family such as larger homes and at a less dense location.

While most house buyers are adopting a wait-and-see approach during these uncertain times, there is a silver lining for some developers as they have found their unique niche in the market and thrived through strong branding.

One example is IJM Land Bhd’s Seremban 2 (S2) residential project named Rimbun Jasmine in Negeri Sembilan which was fully taken up within three hours of its private preview last month.

“Demographically, people from Negeri Sembilan comprised 68% of the buyers, followed by Selangor (12%), Kuala Lumpur (8%), Melaka (4%) and Johor (3%), with other states making up the remaining 5%,” he told Bernama.

Loans have been approved for 50% of the applicants, while 30% are in the process of getting approval and the remaining 20% were unfortunately rejected.

“There are three main reasons for this (rejection) includes high commitment, Central Credit Reference Information System (CCRIS) and Credit Tip-Off Service (CTOS) issues’” Hoo said.

The CCRIS is a system by Bank Negara Malaysia’s Credit Bureau to provide standardised credit reports on a potential borrower, which is an important element for getting a loan approved.

CTOS is a leading private credit reporting agency under the Credit Reporting Agencies Act 2010 widely used by financial institutions to determine an applicant’s creditworthiness besides the CCRIS.

Meanwhile, Hoo noted that Rimbun Impian, which was also launched within the Seremban 2 Heights area, similar to Rimbun Jasmine, has enjoyed a take-up rate of 75% since its launch in January this year.

“We are now planning to launch sizeable single-storey and two-storey link houses at affordable prices and easy-to-own schemes in the fourth quarter of 2020 and the first quarter of 2021 to make home buying possible for everyone,” he said. – Oct 18, 2020

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