Regal Group launches rent with option to buy home ownership scheme
(From left) Regal International Group’s marketing executive Gary Wong, Borneo Housing Mortgage Finance Berhad’s retail financing manager John Ting, Borneo Housing Mortgage Finance Berhad’s chief executive officer Simon Bong, Regal International Group’s executive director Nicholas Wong, IQI Sarawak person-in-charge Ivan Wong and Borneo Housing Mortgage Finance Berhad’s corporate financing assistant manager Alan Teo in a photo-call during an agreement signing ceremony to roll out the financing scheme recently.
KUCHING: Regal Group of Companies is launching its ‘Regal Borneo Easy Home Scheme’ in collaboration with Borneo Housing Mortgage Finance Berhad for property units at its Tropics City Enrichment Hub, an ongoing development at Jalan Song here.
Under the Regal Borneo Easy Home Scheme, the first-of-its-kind to be rolled out in Sarawak, Regal Group is providing a revolutionary solution to home ownership by offering certain limited units for rent, with the option of purchasing that property after five years.
“The units will be fully furnished using non-formaldehyde (non-toxic) materials that are easily washable and sanitisable, as well as of high durability as part of our solution towards healthier living,” said Regal International Group’s executive director Nicholas Wong, who pointed out Tropics City Enrichment Hub has been earmarked as an ecosystem development to cater for a healthy lifestyle.
Wong said the rental scheme with the option to purchase the property was primarily targeted at business travelers, college students and senior citizens, who preferred to have more of their own private space, especially post Covid-19 pandemic.
The main advantage of the ‘Regal Borneo Easy Home Scheme’ was that potential purchasers need only to pay a three-month deposit to lock in their property price and they are given a five-year period to decide whether to exercise the option of purchasing the property.
“In light of consumer sentiment post Covid-19 pandemic, it is understandable that purchasers will be looking for a residential area that would be located in a safe and self-containable environment and Tropics City is a current and suitable solution to this concern,” said Wong to reporters at Regal Galleria, its property sales gallery at Jalan Kempas here yesterday.
There will be ample facilities available and with ‘Kenneth Care Home’ coming in to provide on-site home care and nursing as well as concierge services, Wong remarked home owners will have a better option of proper care and attention being given for their home needs.
“We don’t want to be just a brick-and-mortar builder only. We want to be the developer that create values for our customers and provide post Covid-19 pandemic real estate financial and building solutions,” said Wong.
Borneo Housing Mortgage Finance Berhad’s chief executive officer Simon Bong said they were honoured to be the financier of the innovative rent-to-own home ownership scheme, which is rather rare in the market.
“Under this scheme, the usual requirement of paying a large upfront deposit out of buyers’ own pocket in order to own a home has been overcome. This is made possible through Regal Group pledging their properties as collateral to Borneo Housing for providing the necessary financing facilities,” said Bong.
IQI Realty Sdn Bhd has been appointed as the marketing collaborators for the property project.
For more information, interested members of the public can contact senior marketing manager Michelle Tan at 012-8030122 and marketing executive Gary Wong 017-8598995.
Please click on the following links to download the full press release(s):
Other related media article(s):
*Borneo Post, “Regal Group launches rent with option to buy home ownership scheme”, 23 August 2020
*Malaysia News – World Times News, “Regal Group launches rent with option to buy home ownership scheme”, 22 August 2020
*Nestia, “Regal Group launches rent with option to buy home ownership scheme”, 23 August 2020
*See Hua Daily News, “Tropics City 公寓先租后买实现拥家梦想”, 24 August 2020