SHAH ALAM, Feb 11 — The Selangor Waqf Corporation (PWS) will develop five housing and commercial projects with a gross development value of about RM100 million on waqf land in the state.
The projects, by a PWS subsidiary established on Oct 17, 2014 — Urus Maju Ehsan (M) Sdn Bhd (UME) — are expected to commence in the middle of this year and be completed in end-2018 and 2019.
They comprise UME Teratai Avenue, a commercial building on Jalan Teratai, Meru, Klang and four housing projects — UME Ehsan Residence in Section 30, Shah Alam; UME Impian Taman Desa Kencana and UME Idaman Taman Desa Kencana on Jalan Limau, Meru; and two-storey houses in UME Gemersik, Taman Meru Makmur on Jalan Kasban, Meru.
UME Executive Chairman Ar Mohd Azli Md Yusof said the developments, with a 99-year leasehold, adhere to syarak (Islamic law) with approval obtained from the State Fatwa Council, and are open only to Muslims.
The units, priced from RM250,000 to RM650,000, are 20% lower than current market rates and could generate net profits of RM30 million, he said.
The projects, which have received planning approval, are named Waqf Home for the affordable houses in the Klang Valley and Waqf Biz, a one-stop centre for businesses seeking a strategic location, he told reporters at the launch here today.
Mohd Azli said the 330 units cover 6.07 hectares, or about 3% of the 485.62 hectares of waqf land in Selangor.
UME also plans to develop eight more suitable waqf sites next year and in 2018, in line with its objective of bringing the benefits to waqf beneficiaries and waqf funds, he added.