[Press Release] Collaboration agreement with NewParadigm Capital Markets
Proptech firm MHub partners with NewParadigm Capital Markets to boost home-buying affordability among lower-income Malaysians
KUALA LUMPUR, 13 Feb 2020 – MHub, an end-to-end property marketplace platform, today inked a collaborative agreement with corporate finance advisory firm NewParadigm Capital Markets to specifically assist B40 or lower-income groups to procure homes. MHub is a wholly-own unit of TRB Ventures Sdn Bhd.
The signing ceremony was held in MHub’s headquarters in Glenmarie, Shah Alam. Perbadanan PRIMA Malaysia (PR1MA), the largest developer of affordable housing in the country, as well as other key partners were also present at the ceremony.
The agreement is also in step with MHub’s commitment to enabling home buyers to use its intelligent matching platform to guide them on the best ways of procuring funds to purchase their desired properties.
TRB Ventures Chief Executive Officer Quek Wee Siong said the agreement signed today would go a long way to address the issue of financing woes faced by more than 50% of would-be home buyers due to poor credit scores and ignorance of options available to them.
“We are confident that MHub’s collaboration with NewParadigm Capital Markets could help at least 40 to 50% of rejected homebuyers overcome the hurdle of securing funding by utilising our intelligent data-driven platform,” he added.
“We are also aware of the acute property overhang in the market worth more than RM30 billion. This is a tremendous burden to the government and other stakeholders and thus we believe our intelligent data-driven solutions can solve some of these pain points,” Quek said adding the government has also committed to building 1 million affordable homes by 2030.
Last year, MHub, as the fastest-growing proptech platform in Malaysia, captured 28,000 bookings and transacted more than 14,000 sales of new property launches representing 26% of all new launches in the country.
NewParadigm Capital Markets has a unique solution to help home buyers obtain financing beyond just banks. It will create special Rent To Own (RTO) Schemes to help buyers who do not qualify for conventional loans. It has advised and supported some top property developers to raise funds. One of its most recent efforts was the successful launch of a RM3.0 billion Sukuk fund.
To support its ecosystem, MHub will also collaborate with Cagamas SRP Berhad to assist first time home buyers to obtain up to 110% financing to purchase their first home.