SP SETIA and Maybank have jointly launched Flexkey, a rent-to-own home ownership solution which allows prospective buyers to choose either completed homes or selected new launches.
By opting for this solution, prospective house buyers won’t have to pay a 10% downpayment. The Setia FlexKey is an alternative financing scheme to help first-time home buyers, who will be able to enjoy the flexibility of converting rental payments paid as a downpayment, to purchase a home at locked-in prices.
The president and CEO of SP Setia, Datuk Khor Chap Jen, said under this scheme, house buyers can choose from a wide selection of properties in their preferred locations, such as Setia’s award-winning townships at Setia Alam and Setia EcoHill 2 in the Klang Valley.
“The launch of Setia FlexKey certainly comes as a timely attraction for young or first-time home buyers as it is a smarter alternative to achieve better cash flow considering its low entry cost of only three months’ refundable deposit. Hence, this scheme is also anticipated to appeal to varying target markets regardless of their financial background.
“The fact that they can now choose newly-launched units is attractive and Setia is proud to be able to offer this first-of-its-kind arrangement in the industry,” he added.
In addition within the fifth year, should the house buyers decide to own the property, they will be able to purchase it at the locked-in price. Considering the array of benefits offered by this scheme, Setia anticipates an increase of home purchases in the coming months.
Managing director of Maybank Real Estate Ventures, Sally Lye, said the bank wants to be the game changer in the market, and will continue to lend its support in home ownership programmes in Malaysia.
“We are truly proud of this collaboration with SP Setia, and we believe that our HouzKey product is the perfect fit for this FlexKey scheme. Working together, we are widening our reach and opening up opportunities for more Malaysians to own properties without having to worry about the high upfront costs associated with purchasing a property,” she said.
Last year, Maybank launched HouzKEY, a rent-to-own scheme to the public, the first by a bank in Malaysia. Designed to assist first time homebuyers, the scheme provides an alternative solution for customers to own their desired homes with minimal upfront cost of three months refundable rental deposit. Customers are also given the flexibility to purchase the property anytime after 12 months of renting at a locked-in price.
The Setia FlexKey scheme is available for a wide selection of projects consisting of SP Setia’s residential properties in the Klang Valley, Johor and Penang from now until Dec 31, 2019. For enquiries on the FlexKey scheme, please log on to www.spsetia.com/flexkey .
