Rent-purchase scheme for Evoke Residence condominium in Penang

BUKIT MERTAJAM, 14 Sept 2020:

UDA Holdings Bhd has inked a memorandum of understanding (MoU) with Maybank Islamic to provide a financing solution called HouzKEY for potential buyers of condominium units at Evoke Residence in Permatang Pauh, here.

UDA president and chief executive officer Mohd Salem Kailany said the collaboration is in line with the holding company’s commitment to focus on customer-oriented businesses – such as introducing various initiatives to encourage and facilitate home ownership for the people.

“Evoke Residence is a 35-storey condominium and by far is the highest in Seberang Perai comprising 300 residential units with an area of ​​1,100 sq ft each, and priced between RM494,648 and RM541,380.

“UDA started developing the project in 2017 and has fully completed it. We expect to hand over the house keys to buyers next month,” he told a press conference today after signing the MoU for UDA.

Maybank Islamic was represented by Maybank Real Estate Ventures managing director Sally Lye Saw Im.

Mohd Salem said UDA’s condominium project involved a gross development value of RM141.88 million and located strategically on 1.62ha – where residents could conveniently access the main highway and Penang Bridge within 5km, besides being close to supermarkets, schools and higher learning institutes.

He said units were still available for sale as some potential customers faced constraints in producing the downpayment.

However, the drawback could be resolved as the house buyers could rent the units for five years and subsequently own the property through HouzKEY.

“There are 100 units of unsold condominium units at Evoke Residence. Interested buyers can take advantage of the HouzKEY programme. It is the best choice especially for young people who are still renting, or first time home buyers who find it difficult to provide the 10% downpayment.”

Meanwhile, Saw said HouzKEY is a scheme that does not require downpayment and provides 100% financing.

She said customers could potentially buy the property at an agreed locked-in price while continuing to rent it at an incremental rate per annum of 2% or terminate the rental agreement without any commitment.

“We are happy to collaborate with UDA and we believe HouzKEY is the best product for the community to own a home without having to worry about high downpayment.”

– Bernama