EcoWorld debuts home ownership programme for 1st-time buyers

By NUR HAZIQAH A MALEK / Pic By TMR

Eco World Development Group Bhd (EcoWorld) targets RM6 billion in sales for the financial years 2019 (FY19) and FY20 from its new “Home Ownership Programme with EcoWorld” or HOPE.

EcoWorld president and CEO Datuk Chang Khim Wah (picture) said the group is optimistic of achieving the sales target based on number of enquiries they received so far from potential homeowners.

“We are confident that sales will start rolling in after Chinese New Year, considering that we are receiving a lot of enquiries from young potent ial homeowners,” Chang said at the launch yesterday.

“We chose a two-year sales target number because time is very sensitive nowadays, so we don’t want to get ahead of ourselves.”

Last year, the company’s new property sales hit RM3.1 billion versus its RM4 billion sales in 2017.

Through par tnerships with Malayan Banking Bhd (Maybank) and Public Bank Bhd, the HOPE programme offers potential buyers two options — the Stay2Own (S20) in partnership with Maybank’s HouzKEY or Public Bank’s Help2Own via a mortgage.

Chang said under S2O, Maybank will aid in bridging the property ownership by first purchasing the property and then leasing it to the prospective homeowner.

“It is essentially an adaptation of Maybank’s existing HouzKEY product.

“Through the unique rental conversion feature we have built into this solution, we are able to help them start building wealth even before they buy their first home,” he explained.

First-time homebuyers and upgraders who do not have more than one housing loan are eligible to apply for S2O.

Among the method’s key concepts are low initial cost, structured monthly payments, immediate entry even before making the decision to purchase and at least 30% of the rental paid can be converted into savings, which will be used to offset part of the purchase price.

Chang said participants can also lock in the purchase price for the property immediately, and the option to purchase is exercisable after one year up to the end of the fifth year of staying in the house.

“When the programme was first unveiled to EcoWorld’s employees and business associates at the end of last year, over 200 units were reserved in less than a month,” he said.

The other method, Help- 2Own (H2O), is a flexible mortgage loan which made home ownership more affordable to some, but did not have the same customer reach as S2O.

H2O was first launched during the #OnlyEcoWorld campaign which ran from July to October last year.

Chang said the mechanism was embraced by homeowners at all of the group’s projects and had contributed to the company’s sales.

“During the campaign period alone, we secured close to RM2 billion,” he said.

“We launched this programme because making up most of the demand for our projects were young people who are just starting out in their careers,” he added.