PCSB-MGB inks agreement with Selangor govt to develop affordable housing

18 Jun 2019 / 21:13 H.

SHAH ALAM: A consortium of PNSB Construction Sdn Bhd and MGB Bhd has signed a development right agreement with the Selangor government to build 1,800 units of affordable homes for RM250,000 each for the Idaman Cahaya development in Encorp Cahaya Alam.

The consortium is collaborating with Must Ehsan Development Sdn Bhd, a joint venture between Encorp Bhd and the Selangor State Development Corp (PKNS).

Selangor Mentri Besar Amirudin Shari (pix), who witnessed the signing ceremony, said the Idaman Cahaya development is part of the state government’s pledge to build 30,000 affordable homes by 2025 in Selangor.

The proposed 1,800 housing units will be built over 16.56 acres with an estimated gross development value of RM450 million.

Following the signing of the agreement, the property project is expected to be launched within the next three years.

Amirudin said this is the second property development launched under the state government’s Rumah Idama umbrella, following the launch of the Idaman Abadi development in April.

Housing projects under the “Idaman” brand will be priced at RM250,000 per unit, which has a minimum built-up area of 1,000 sq ft and will be furnished with wardrobes, kitchen cabinets, television, water heaters, fridges, and air conditioners.

“Furthermore, the properties would include financing assistance and support provided by Menteri Besar Inc for the Bottom 40 income group as well as the Middle 40 income group to own their own house,” said Amirudin.

In its efforts to help house buyers with financing, the Selangor government will utilise the rent-to-own scheme by the Local Government and Housing Ministry to solve the challenges faced by eligible buyers.

For 2019, Amirudin expects to achieve 5,000 to 6,000 affordable housing under its “Idaman” development.

However, the state government stressed that it is still committed to building affordable housing in the RM42,000, RM99,000 and RM150,000 categories alongside the RM200,000-250,000 range.

On a separate note, Amirudin disclosed that its abandoned development revitalisation project that was first mooted in 2016 is nearing completion.

Arcadia, a 208-unit housing project in Puncak Alam that was abandoned over a decade ago, has been renamed Idaman Warisan after undergoing a refurbishment treatment initiated by Selangor’s investment arm, Menteri Besar Inc, Worldwide Property and LBS Bina group with the signing of a memorandum of understanding in 2016.

The cost of the revitalisation project stands at RM38 million, with an estimated RM200,000 refurbishment has been done for each property and the houses are expected to be handed over by the end of this year.

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