Sime Darby Property to launch 1,000 affordable units this year

SHAH ALAM (Jan 17): Sime Darby Property (SD Property) plans to launch about 1,000 affordable apartment units this year under the Selangor government’s housing programme, Rumah Selangorku, by mid-2018, according to managing director (MD) Datuk Seri Amrin Awaluddin.

“For affordable homes under the Rumah Selangorku programme, we are looking to launch 1,000 units by May or June this year in the City of Elmina and in Putra Heights, Subang Jaya. It is a new concept of affordable houses, and a quality dwelling for the family,” he told reporters after launching the newly named Elmina TN50 Community Park at the City of Elmina.

The 5,000-acre (2023.43ha) City of Elmina freehold township development by SD Property, with an estimated gross development value (GDV) of RM27 billion, covers Denai Alam, Bukit Subang, Elmina East and Elmina West.

Amrin said its affordable apartments under the Rumah Selangorku programme, between RM200,000 and RM270,000, have a built-up area of between 900 sq ft and 1,000 sq ft.

These units will be built under the Harmoni project at Elmina West, with GDV of RM155 million. It comprises three residential blocks of 19 to 20 storeys each, with 562 units in total. The project will be complemented by 11 units of shop offices.

SD Property will also launch part of the 1,700 units of affordable apartments that it is developing at Harmoni 1 in Putra Heights, to make up the remaining target of 1,000 affordable homes it wants to launch by mid-year. Harmoni 1 has an estimated GDV of RM359 million.

Harmoni will be SD Property’s third affordable housing project under Rumah Selangorku, after Bandar Bukit Raja launched in 2015, and Harmoni 1 in Putra Heights.

Meanwhile, SD Property aims to launch its double-storey link homes at Denai Alam and Elmina West, with built-up areas of between 24x80 ft and 20x70 ft and sold between RM600,000 and RM800,000 per unit.

Amrin also said through a collaboration with the youth and sports ministry, SD Property has named the 36-acre Elmina Community Park as “Elmina TN50 Community Park” to support the aspirations of the TN50 youth initiative on sustainability, including for greener, affordable housing and quality living standards.

“We are pleased to play a key role in supporting this long-term initiative for the nation’s future. Our sustainable and innovative developments in the City of Elmina are a testament to our efforts in offering a model township for the future generation’s wellness and healthy lifestyles.”

On the property market’s outlook and recovery in market sentiments, Amrin said there will be demand as long as one has the right product at the right location and price. SD Property shares closed down two sen or 1.3% at RM1.52, with a market capitalisation of RM10.41 billion.

This article first appeared in The Edge Financial Daily, on Jan 17, 2018.

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