PR1MA Buyers Too Poor To Secure Bank Financing

PR1MA has been a disaster since it was launched. No one really knows exactly how many housing units they have completed. The numbers keep changing. Now the news (from PR1MA) itself is that many of their home buyers FAIL to pass the requirements to secure housing loans. So even if PR1MA completes building these houses, they cannot be sold to the target market because their target market is financially unsound. 

Here is the news from Malay Mail Online :

PR1MA acknowledged buyers failed loans, resulting in high 'drop out' rate. 

< 12,000 homes out of 141,661 developed by PR1MA sold 

only 11,944 units between RM100k - RM400k sold

average M'sian unable to afford the "affordable housing scheme".
demand high with current buyer registration at 1.5 million.

PR1MA  buyers failed to secure bank loans 

resulting in high “drop out” rate.

Special PR1MA End Financing (SPEF) introduced as “loan booster”

However other financing issues hinder getting loan, SPEF not solution

PR1MA received 197 SPEF applications for RM44.1m 

since January, only 50 approved.

Difficulties in obtaining home loans 

homes target those who have no financial ‘muscle’ to purchase house

10,199 PR1MA homes built nationwide 

PR1MA targeting to sell 16,250 units by end Jan next year

My comments :  Here is a simple solution.  PR1MA has 1.5 million registered buyers. So before starting construction of a particular apartment block or terrace house units, why not  process the "lucky" buyers of those units first? 

Assemble the End Financiers and see if the buyers can get approval for the housing loans.  If there are enough buyers who can secure housing loans, then proceed with the construction.

However if there are NOT enough buyers who can secure housing loans, then do not begin the construction.  Pretty soon PR1MA will go bust building apartment blocks that cannot be sold.  Bukan duit Kepala Bapak awak yang akan rugi. Duit rakyat akan jadi bazir.  

But here is something for PR1MA to bear in mind.  

Under Kepala Bapak, there are 7 million Malays who have joined the BR1M list. 

Meaning 7 million Malays are poor. This list is growing.  

Under Kepala Bapak, the number of unemployed Malay graduates is over 200,000. 

Under Kepala Bapak the Malay economy is dying.

This is the "disaster category".

Yet PR1MA is supposed to build affordable housing for this same 'disaster category' ?

Yo brader, depa sekarang dok tunggu duit BR1M untuk makan. 

Mana depa ada duit untuk bayar 10% deposit untuk beli rumah?

Atau qualify untuk housing loan?

Kalau tak ada duit, kalau menganggur macam mana nak bayar monthly instalment?