UDA To Invest RM200 Million In Affordable Housing Initiatives
Business Today, 18 October 2024
In the recently announced Budget 2025, the government outlined a comprehensive strategy to strengthen waqf land development, with a focus on community welfare and affordable housing. UDA Holdings Berhad has played a pivotal role in this initiative, successfully implementing two major projects, Wakaf Seetee Aisah and Wakaf Mohd Hashim, which have provided significant economic returns to the Penang Islamic Religious Council.
As part of the Wakaf MADANI initiative, the government has earmarked RM300 million from KWAP to develop waqf land for constructing self-sustaining retirement homes for low-income pensioners. Additionally, UDA is set to invest RM200 million to focus on developing affordable housing on waqf land.
The LPPSA will facilitate funding for civil servants looking to purchase homes built on waqf land, while SJKP will guarantee first-time homebuyer loans up to RM500,000 for properties developed on these lands.
As of October 10, 22,000 unit trust holders of ASNB have contributed to waqf initiatives, amounting to 73 million units. The proceeds from these contributions will be directed towards various projects that benefit the community. The government aims to continue promoting investment waqf initiatives like this one.
Moreover, the Wakaf MARA MADANI program is committed to attracting corporate contributions, with a goal of raising RM1 billion in funding from individuals and organizations that have previously benefited from MARA.
(Web source: https://www.businesstoday.com.my/2024/10/18/uda-to-invest-rm200-million-in-affordable-housing-initiatives/)