MyAngkasa Az Zahra Sdn Bhd will be offering 379 units in Datum Jelatek Residences under a rent-to-own (RTO) initiative for civil servants.
MyAngkasa Az Zahra director Muhamad Shaharul Mohamad Shariff said the scheme is directed for government servants to make it affordable for them to own a house in the city.
“With this RTO scheme, we want to make it affordable for them, so that they can have a property in this area via rentals which will be considered as equities, which can be converted into the payments to own the house,” he said at the en bloc purchase ceremony of Datum Jelatek yesterday.
Muhamad Shaharul yesterday signed a sales and purchase agreement (SPA) with DatumCorp International Bhd chairman Norita Mohd Sidek for the purchase of 379 units in Tower B and Tower C of the development, for the RTO scheme.
He said alongside the SPA, there is also a salary cut scheme for Angkasa employees as a method to take part in the RTO scheme.
“We plan to launch the scheme once the SPA is completed and done with, which will be within three to four months onwards,” he said.
Muhamad Shaharul assures that the scheme is safe for everyone, as it utilises an equity mechanic where rentals are used to invest in the property and can be converted into payments for the house.
He added that the scheme allows future homeowners to get return on equity upon investing.
“So it’s a very unique scheme, and I think we are the first to do this in the country, so we hope to make it a success,” he said.
Although he did not reveal the price of the SPA, Muhamad Shaharul said the company received a good discount in order to make the RTO scheme work.
Also present at the signing ceremony was Selangor Mentri Besar Amirudin Shari (picture).
Amirudin said the RTO lease method for five to ten years is open for government servants who have failed to receive loans from financial institutions in their quest to own a property in the city, which requires large deposit funds.
“Through this initiative, they are offered an option to buy a house in Datum Jelatek that they have been renting by the end of the fifth year or the 10th year, based on the price that will be determined at a later date,” he said.
Amirudin added that the initiative can help achieve the civil servants’ dream of having a property despite financial difficulties.
“This will then increase the ownership of properties that are of quality among government servants in Kuala Lumpur,” he said.
The Datum Jelatek Residences as of the en bloc purchase is 70% sold, while the overall development’s construction progress stands at 65%.
DatumCorp CEO Shytul Shahryn Mohamad Shaari said in overall, the residences are slated for June 2020 completion.
“However, we do want to deliver it with the Datum Jelatek Mall, which is going to be opened by Chinese New Year of 2020,” he said.
Datum Jelatek is DatumCorp’s RM1.2 billion transit-oriented integrated development directly linked to the Jelatek light rapid transit station via a link bridge in its mall.
The integrated development comprises 712 residential units made up of four towers spread over 5.65 acres (2.28ha) of land linked to a 319,000 sq ft (net leasable area) four-storey retail mall.
The mall is projected to receive 86% occupancy by the end of the year.
“As of now, it is at 60% occupancy in the first quarter of 2019, whereby 40% have already signed and paid, whereby those that have agreed on rental and everything, stand at almost 20% and another group of potential occupants under negotiation fall around 20%,” he said.