The affordable housing project was initially known as PR1MA Fair Park.
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A name alone is unlikely to affect a property’s value significantly.
However, there are some situations where a property’s name can indirectly impact its value.
In Ipoh, property buyers of a 1Malaysia Housing Programme (PR1MA) high-rise housing are unhappy that their building has been renamed.
The apartment in Kepayang was originally marketed as PR1MA Fair Park.
However, it was recently renamed Pangsapuri PR1MA Kepayang, and the property buyers are not buying it.
One affected property buyer, Calvin Chai, said they contacted the developer but were told nothing could be done.
We were made to understand that the name change is at the directive of local authorities. We hope the authorities would reinstate the previous name as it would impact the property’s value in the long run.Property buyer Calvin Chai to TRP on why the name change is a serious matter.
Chai pointed out that a prestigious or desirable name is among the factor when buying a property.
The property may be perceived as more valuable by potential buyers or renters.
To make things worse, a nearby flat has a similar-sounding name, Pangsapuri Seri Kepayang.
Chai said they would try to appeal to Local Government Development Minister Nga Kor Ming, who also happens to be the Kepayang state assemblyman.
For The Rakyat
PRIMA is a housing program initiated by the government to provide affordable homes to eligible Malaysian citizens.
The program was launched in 2001 under the Ministry of Housing and Local Government.
PRIMA offers affordable housing to low and middle-income families in urban areas.
The program provides homes at a subsidized cost, which is typically lower than market rates.
Ada yg berminat untuk beli rumah PRIMA di Klebang 2 melaka?— Amier (PEA 3148) (@amierritzman) April 3, 2023
Zero booking. Yuran guaman percuma. Bawah 210k sebelum diskaun.
Type A (1000sqf) 3 Bilik Tidur + 2 Bilik Air
Type B (1,200sqf) 3 Bilik Tidur + 1 Bilik Utiliti + 2 Bilik Air
It aims to provide quality homes for the citizens of Malaysia who may not be able to afford to buy a house at market prices.
To be eligible for the Prima Homes program, applicants must meet certain criteria, including being a Malaysian citizen, having a household income within a specific range, and not owning any other property.
The program also prioritises certain groups, such as young families and civil servants.