NEW STRAITS TIMES. 28TH JULY: Berjaya Corporation Bhd founder and advisor Tan Sri Vincent Tan said Berjaya Land Bhd will construct affordable housing on prime land in Subang Jaya, Selangor, instead of luxury homes, in a drive to increase home ownership among Malaysia’s low income group.
It is estimated that Berjaya Land will suffer an opportunity cost of RM50 million as a result of this development.
Berjaya Land and Yayasan My First Home (YMFH) will introduce Berjaya Flagship Affordable Homes (BFAH), a Rumah Selangorku (RSKU) affordable housing concept, located in close proximity to the Tropicana Metropark integrated development.
Tan said some 402 families will benefit from the BFAH project.
The units, with a built-up area of 900 sq ft, are selling for RM250,000, and they come with five rooms and four baths.
“We will not make money from this project. According to Berjaya Land CEO (Syed Ali Shahul Hameed), we will lose money. I told him it was okay, as our intention to develop BFAH is to help the B40 group and not to make money. It is very sad to see many Malaysians struggling to buy their first house.
“We hope the government will put in more efforts to help the B40, maybe think of some subsidy, to help them own a home without having to borrow money from others.
“Hopefully they don’t borrow money from loan sharks, or else they will be in big trouble,” he said at the ground-breaking ceremony for the BFAH project today.
The BFAH project is a key component of Berjaya’s commitment to providing affordable housing to lower-income groups and first-time home buyers.
Tan, who is YMFH chairman, said the demand for affordable homes has been steadily increasing over the years as a result of urbanisation and migration to major cities.
He said the flagship development is intended to support the community and exemplifies the commitment of Berjaya Land and YMFH to providing safe, decent, and affordable housing for all Malaysians under RSKU.
“Housing affordability is a major issue in Malaysia, especially for those earning below the national median income level and first-time homeowners. The increasing cost of housing has made it difficult for many people to afford a home, as they find it challenging to save and buy their house.
“Many low-income families are also blessed with a few children and require more than three rooms to accommodate everybody under one roof. The more spacious units offered under the BFAH project will provide convenience and versatility to these families,” Tan said.
In order to qualify for purchase, interested buyers need to fulfil specific eligibility requirements. Firstly, they must be Malaysians aged 18 or above. Another criterion is that they are first-time home buyers at the time of application. Furthermore, only one application is allowed per household.
Meanwhile, Syed Ali said that at RM250,000 per unit, BFAH presents a great opportunity for individuals and families to own their ideal homes at an affordable price while maintaining exceptional quality.
The project’s innovative dual-key concept also allows residents to maximise space utilisation and tailor their living arrangements to match their specific needs, he said.
“The BFAH project is more expensive than a typical development. The additional two bedrooms and two bathrooms, swimming pool, and gymnasium, as well as the strategic location, add RM10 million to the construction cost. However, we believe that these added features and benefits are worth the investment and will benefit the 402 families who will be able to call BFAH home,” he said.
Berjaya Land has a commendable track record of building affordable homes that cater to the needs of diverse communities. Notably, the group’s affordable housing portfolio includes Residensi Lanai in Bukit Jalil, offering 648 units; Arena Green in Bukit Jalil, with 1240 units; Akasia, consisting of 220 units; and Berjaya Park in Shah Alam, offering 220 units.
These projects stand as a testament to Berjaya Land’s dedication to enhancing the quality of life for people from various walks of life.