New property investment platform FundMyHome to 'democratise home ownership' in Malaysia

New property investment platform FundMyHome to 'democratise home ownership' in Malaysia

Michelle Zhu
05/11/18, 01:29 pm

SINGAPORE (Nov 5): Instead of taking out a bank loan or mortgage, first-time homebuyers in Malaysia can now seek financial support from a new property investment platform

Backed by the knowledge and resources of, FundMyHome is developed by EdgeProp Sdn Bhd by harnessing recent developments in digital technologies such as peer-to-peer platforms and business models in the sharing & subscription economies.

It builds on EdgeProp’s extensive relationships with property development companies to feature approximately 1,000 units of homes in the first phase of its rollout, all of which are priced at under RM500,000 ($165,000).

The platform was launched Sunday by Malaysian prime minister Mahathir bin Mohamad, who at the event presented FundMyHome’s first three homebuyers with keys to their new homes at Eco Majestic’s Harmoni Apartments.

Users of the new platform will only need to fork out 20% of the property’s price in order to gain ownership, with the remaining 80% of the cost to be funded by participating institutions, who in turn share the returns from changes in the future value of the property.

While Maybank Group and CIMB currently comprise the pool of investors funding the remaining 80% of the platform’s listed properties, FundMyHome is anticipating more banks and institutions to participate as investors in the near future.

From high-res to landed properties, all homes listed on FundMyHome are either completed or nearing completion such that buyers are able to move in, and even rent the spaces out to earn rental income soon after the transaction.

Homebuyers may choose to either sell or stay on after a fixed commitment period of five years. Those who wish to stay can refinance their home via FundMyHome, or a normal bank mortgage facilitated through the platform.

In a press release on Sunday, The Edge Property Sdn Bhd highlights FundMyHome as a simpler, safer and faster home ownership arrangement that provides greater emotional and financial security to first-time homebuyers, given the absence of bank loans and monthly payments which therefore helps to reduce their dependence on debt.

Tong Kooi Ong, chairman of The Edge, says FundMyHome not only helps homebuyers, but also developers in selling their properties.

Currently, the properties are being offered by nine participating developers: EcoWorld Development Group Berhad, IJM Land Berhad, IOI PropertiesGroup Berhad, Mah Sing Group Berhad, PKNS (Perbadanan Kemajuan Negeri Selangor), PNB Development Sdn. Bhd., Sunway Berhad, Trinity Group Sdn. Bhd. and UEM Sunrise Berhad.

As an inclusive scheme, FundMyHome includes real estate agents to facilitate the sales process as well as guide clients who are interested in becoming property investors.

“FundMyHome also democratises home ownership and stimulates the housing industry without any Government expenditure or guarantees. Housing is also a critical element of wealth as it operates as a vehicle for household saving,” says Tong.

Next stop: The interchange of public and private good

SINGAPORE (May 20): Two-minute intervals between trains. Fewer breakdowns. Clean, new buses running at a higher frequency. Bright LED screens displaying details of stops on both buses and trains. To many commuters who are enjoying these benefits, the meltdown of Singapore’s transport system in December 2011, and again in July 2015, is a distant memory. Certainly, services have improved significantly. There are new trains and buses, while existing ones have been spiffed up. There has been an overhaul of the older rail systems, presumably including fixing the grips for the electricity rail ....
Moving from compliance to accountability

While the collection, use and disclosure of data is regulated by the Personal Data Protection Act, b

Failed Innopac deal portends mining magnate Gutnick’s woes in Australia

SINGAPORE (May 20): The Australian Securities and Investments Commission (ASIC) is seeking judicial permission to wind down mining company Merlin Diamonds. The regulator is also probing into whether its chairman Joseph Gutnick failed in his duties. Gutnick, who is known as “Diamond Joe”, is under investigation for a A$13 million ($12.3 million) loan made by Merlin to AXIS Consultants, a private company linked to him. Merlin shares have been suspended from trading since October 2018. ASIC is seeking an order to appoint Deloitte to liquidate Merlin, owner of the Merlin Diamond Mine Pro....