PETALING JAYA: Kwasa Land Sdn Bhd, a wholly owned subsidiary of the Employees Provident Fund Board and Kwasa Damansara (pix) township’s master developer, has collaborated with Gagasan Nadi Cergas Bhd to develop its first affordable housing project under Rumah Selangorku.
Following Budget 2020, the pension fund has reaffirmed its commitment towards providing housing to the bottom 40 (B40) and middle 40 (M40) income groups. Simultaneously, the move is also in support of Selangor state government’s post Covid-19 economic recovery plan announced in July 2020.
For the affordable housing project, it has identified two residential plots with an estimated combined land area of 39.12 acres for the development of 3,990 units with Phase 1 targeted for completion by end-2024.
Despite the challenging economic and market outlook, Kwasa Land managing director Adenan Md Yusof believes the demand for affordable homes especially in urban areas remains strong.
With the Covid-19 pandemic affecting society and the need to relieve the burden of the lower income groups, he stated that the group’s contribution will come in the form of providing affordable homes in Kwasa Damansara.
“Overall, Kwasa Land will allocate 40% of the total housing in the township as affordable home units and will be facilitating the development by providing prime land at a reasonable value compared to market valuations to our development partners,” he said in a statement.
“This will enable our partners to optimise the cost of development, in turn, enabling them to sell the units at a competitive and affordable price.”
Adenan reiterated that the group is committed to support the federal and state government in assisting those in low-income groups especially first-time homebuyers.
Gagasan group managing director Wan Azman Wan Kamal stated that it shares a similar vision as Kwasa Land in making good quality affordable homes for the public.
“This bodes well with our commitment to support the government in narrowing the current affordable home gap within Malaysia, which is increasingly crucial as the country braves through the aftermath of the pandemic.”
In total, the project’s gross development value (GDV) is estimated to be at RM1 billion and each phase will take 36 months to develop with a price of RM250,000.
To address issues with financing, 130 units will be allocated to deserving buyers under the Smart Sewa scheme by Selangor Housing and Property Board.
