A low-cost condominium will be constructed in Gombak with a gross development value (GDV) of RM100 million that will be offered under Prosma Bhd’s Rent-to-Own scheme, under which the properties will be leased for 30 years, reported The Edge.
The 1.5-acre Telaris Gombak project will consist of eight commercial units and 180 apartments. The development is expected to take three years to complete and the units would cost around RM500,000 each.
It will be built by Tiger Synergy Bhd and will be sold to Prosma Bhd, a company that holds the assets of Sekretariat Komuniti Prefer Malaysia (SKPM). This firm is backed by the Ministry of Finance and the Ministry of Domestic Trade, Co-operatives and Consumerism, which are oversees around 50,000 homes under the Rent-to-Own scheme.
“Due to the soft sentiments in the luxury residential property segment and stringent mortgage application conditions, Tiger Synergy’s short-term business strategy is to stay on course with its strategic focus on delivering high quality and affordable homes,” said its Executive Chairman Datuk William Tan Wei Lian
According to Tiger Synergy’s Managing Director Shirley Tan Lee Chin, the company plans to launch nine projects with a GDV of RM2 billion over the next five years. Of this, 40 percent comprise ‘affordable’ units intended for households with a monthly salary of over RM5,000.
Upcoming project in Gombak include:
KL Traders Square
Image sourced from The Edge Property