MBSB to provide RM700mil funding for 8 Rumawip projects

MBSB president and CEO Datuk Seri Ahmad Zaini Othman

KUALA LUMPUR: Malaysia Building Society Bhd (MBSB) is planning to rollout up to RM700mil in financing for the development of eight more Federal Territories Affordable Housing (Rumawip) projects.

President and CEO, Datuk Seri Ahmad Zaini Othman said the total gross development value (GDV) of these projects would be RM2bil.

“We have so far financed nine Rumawip projects with total approved funding of RM1.17bil, consisting of 5,768 units with a total GDV of RM1.66bil,” he told reporters after the official signing ceremony for the Islamic Financing Facility between MBSB and Hektar Aneka Sdn Bhd here today.

The signing was witnessed by Federal Territories Minister, Datuk Seri Tengku Adnan Tengku Mansor,  MBSB will provide Hektar Aneka with a Tawarruq financing facility of RM161.345mil for the purpose of developing its condominium project, Residensi Hektar, comprising five high-rise blocks.

Upon completion of the project on Dec 31, 2021, Hektar Aneka will contribute 2,400 units to the Rumawip scheme.

The project, situated next to the Pasar Besar Gombak along Jalan Gombak, will be built on Malay Reserve Land. It is now open for registration to eligible parties, individuals or married couples, according to the requisites based on monthly income.

The three-bedroom, two bathroom, Residensi Hektar apartments are priced at RM266,000 and RM299,500 for units sized 800 sq ft and 850 sq ft respectively.

Ahmad Zaini said Bank Negara Malaysia’s cautiousness on the over-supply of shopping malls and high-end properties were real and MBSB planned to increase its business focus for the affordable housing segment.

Meanwhile, Hektar  Aneka Director, Datuk Rozabil Abdul Rahman said Residensi Hektar had received encouraging response from potential buyers with a current take-up rate to 60%.

“We expect the units to be fully taken up very soon,” he said.

Hektar Aneka is a relatively new developer with projects mainly in Penang. The company is currently identifying land in the Klang Valley for development and will focus on affordable housing projects moving forward. - Bernama