SHAH ALAM, Nov 29 (Bernama) — Nada Sepakat Corporation (Malaysia) Sdn Bhd (Nada Sepakat) says 70% of the semi-detached houses in the first phase of its project on 2.26 ha. of wakaf (endowment) land on Jalan Kebun, Section 30 here have been sold since sales opened in May.
Managing Director Kamsol Said the first phase has a gross development value of RM40 million.
Nada Sepakat, a Kuala Lumpur-based niche peoperty developemnt company, is a pioneer in commercially developing wakaf land in Malaysia.
“Prices range from RM495,000 to RM772,000, and our target market is Muslim buyers. A certain percentage of the sales will be channelled to Islamic institutions in Selangor including the Al-Falah mosque on Jalan Kebun.
“The ground breaking will be on Dec 1 by Selangor Islamic Religious Council MAIS Chairman Datuk Mohamad Adzib Mohd Isa,” he told Bernama.
The project follows a joint-venture agreement the company signed with the Selangor Wakaf Foundation (PWS) on March 20, 2014, and is the first commercial wakaf land development in the state.
PWS was formed to coordinate property development of MAIS-owned wakaf properties under the Establishment of Wakaf Selangor 2011 (Amendment 2012) order.
Kamsol said construction works have already begun for the first phase, expected to be completed in mid-2017.
Buyers get a 99-year lease on their house according to the Al-Ijarah (Islamic leasing) concept, with Bank Islam Malaysia Bhd and Bank Mualamat providing financing facilities.
The buyers may need to apply only to MAIS, and not to the Land and Mines Office, to extend their leasehold for another 99 years, he said.
To a question, Kamsol said the project is aimed at improving Muslims’ socio-economic status and unlocking the value of abandoned wakaf land.
The concept of developing wakaf land has long been practised in Saudi Arabia and Turkey, where two-thirds of wakaf land is developed, he said, adding the location of the Section 30 wakaf land in a high-growth area makes it suitable for a housing project.