MOST developers avoid building low-cost houses due to their low profit margins but Edaran Intan Sdn Bhd plans to venture where no companies dare to tread.
We are going to places where no listed companies would go, said its executive director Vernon Azhar Edmett.
Vernon obviously knows what he is talking about as Edaran Intan had recently completed 315 low-cost houses at Taman Desa Permata here three months ahead of schedule.
All of the units, worth a total of RM14.3mil, were bought by civil servants (40%), army and police personnel (23%) and the rest local residents.
Of the 315 units, 123 were sold at the standard price of RM35,000 each.
The rest were sold at RM45,000 after we added floor tiles, iron grills, extra electric sockets and a balcony.
This way, buyers need not come up with more money on renovation when they move in, he said after the handing over of the keys and certificates of fitness to the buyers recently.
Witnessing the occasion were state exco member Datuk Azman Mahalan, who represented the Perak Mentri Besar, and Emkay Group executive chairman Tan Sri Mustapha Kamal Abu Bakar, who is Vernons father-in-law. The company was one of those invited by the Perak government to develop low-cost housing schemes here in May 2001.
Vernon said Edaran Intan was not part of the listed Emkay Group, adding that he and Mustapha Kamal had opted for Edaran Intan to operate independent of the group.
Vernon said the project included a surau built at a cost of RM200,000, a childrens playground, a field, badminton courts and 10 single-storey shops called kedai desa costing between RM65,000 and RM83,000 each.
Due to strong demand, the company also signed a memorandum of understanding with KUB dot Com to undertake the second phase of Taman Desa Permata on 6.4ha next to the completed units.
Under the second phase, scheduled to be launched next year, Edaran Intan plans to build 400 low-cost houses, low-medium cost houses, medium-cost houses, semi-detached houses and a few shops.
We have also formed another company, Dwi Milik Sdn Bhd, to undertake a mixed development scheme on 16ha in Kampung Gajah (near Teluk Intan), he said.
At Kampung Gajah, Dwi Milik will build affordable units costing below RM100,000 scheduled to be launched next year but would also offer low-cost houses to low-income earners.
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