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KUALA LUMPUR (July 14): Bank Negara Malaysia's cutting of the overnight policy rate (OPR) from 3.25% to 3% yesterday can boost the people’s consuming power, especially for property, Bernama reported Datuk Tan Hong Lai (pictured), Green Target Group managing director and CEO saying today.
Tan said with the slashing of the OPR, interest rates for housing loans would also go lower.
"The move will also affect fixed deposit rates, which means people may be looking at buying more properties rather than keeping their money in fixed deposit for better return on investment," he told reporters and Bernama at the launch of the InnoCity township and Johor Affordable Housing Scheme (RMMJ) in Bandar Kledang, Johor, today.
Officiating the launch of the project was Menteri Besar of Johor Datuk Seri Mohamed Khaled Nordin.
InnoCity is a joint-development venture between Green Target and YPJ Holdings Sdn Bhd with a gross development value of RM3 billion.
Its first phase comprises 452 units of RMMJ priced at RM150,000 each and 480 units of villa apartment at a starting price of RM300,000.
The phase's construction will begin at year-end and scheduled for completion in two-and-a-half years, said Tan.
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