S P Setia Bhd and Maybank have expanded Setia FlexKey, an enhanced HouzKEY financing scheme by Maybank, to include a selection of the housing developer's newly launched projects.

Under the rent-to-own (RTO) home-ownership solution plan, house buyers may now select their unit and preferred location from the list of newly-launched properties offered under the scheme, rather than be limited to completed units which are available.

S P Setia president and chief executive officer Datuk Khor Chap Jen said the opportunity to choose a newly-launched Setia property would be an attractive factor for first-time house buyers.

"The launch of Setia FlexKey certainly comes as a timely attraction for young or first-time homebuyers as it is a smarter alternative to achieve better cash flow, considering its low entry cost of only three months' refundable deposit," he said.

Additionally, should the buyer decide to buy the house within five years, he may purchase it at the locked-in price, Khor said.

Meanwhile, Maybank Real Estate Ventures managing director Sally Lye said the collaboration with S P Setia would open up more opportunities for Malaysians to own properties without having to worry about the high upfront costs associated with purchasing a property.

The Setia FlexKey scheme is available for a wide selection of S P Setia's residential properties in the Klang Valley, Johor and Penang from now until Dec 31, 2019, including units from its award-winning townships, Setia Alam and Setia EcoHill 2 in the Klang Valley.