SHAH ALAM (June 18): PCSB-MGB Consortium signed a Development Rights Agreement with Must Ehsan Development Sdn Bhd today to jointly develop Rumah Idaman affordable homes at Encorp Cahaya Alam, Selangor.
The consortium is a joint venture between PNSB Construction Sdn Bhd and MGB Bhd (a subsidiary of LBS Bina Group) while Must Ehsan Development Sdn Bhd is a joint venture between Encorp Bhd and Perbadanan Kemajuan Negeri Selangor (PKNS).
The collaboration was inked at a ceremony here in Dewan Jubli Perak, witnessed by Selangor Mentri Besar Amirudin Shari, Minister of Economic Affairs Datuk Seri Mohamed Azmin Ali and Housing and Local Government Minister Zuraida Kamaruddin.
'Rumah Idaman Rakyat Selangor' is part of the state's latest affordable housing initiative introduced earlier this year.
Dubbed Idaman Cahaya, the Rumah Idaman homes to be built under the newly-inked collaboration are priced at RM250,000 each with a built-up size of 1,000 sq ft including two parking bays. Each units has three bedrooms, two bathrooms and furnished with TV sets, air conditioners, water heaters and more.
An estimated 1,800 apartment units will be built with an estimated gross development value (GDV) of RM450 million.
The first Rumah Idaman project — Idaman Abadi in Bandar Teknologi Kajang was launched in April 2019.
The project is located at the 209-acre Encorp Cahaya Alam township in Shah Alam with connectivity to major highways like the New Klang Valley Expressway (NKVE) and Federal Highway.
In his speech at the ceremony, Amirudin said: "Owning a home can be out of reach for many homebuyers with housing affordability being a major issue. With that in mind, the Selangor state government has introduced a range of initiatives to provide and improve access to affordable housing.
“With 'Rumah Idaman', we will be able to deliver more quality affordable housing options to help more low and middle-income families in Selangor to have a roof over their heads," he added.
Phase one of Idaman Cahaya is expected to be completed by 2023. — EdgeProp.my