China-based Jiangsu Provincial Construction Group to build affordable homes in Malaysia

KUALA LUMPUR (Nov 23): China-based construction firm Jiangsu Provincial Construction Group Co Ltd (JPC) is working with a local company and a co-operative to construct up to a million affordable homes in Malaysia, The Star reported today.

The price range for these affordable homes will range from RM40,000 to RM300,000.

"We are looking forward to building quality dream homes at an affordable price for the Malaysian buyers," chairman Chen Zhenhua said after launching 100,000 affordable homes to be built by JPC in collaboration with Koperasi Alumni MKM Kuala Lumpur Bhd (Kopama) and Kava Resources (M) Sdn Bhd today.

The daily also reported Chen saying that his company “could deliver one million units faster than the stipulated 10-year timeframe if landbank were available”.

"Malaysia will be our gateway to Southeast Asia. Apart from buildings, we can also construct highways, tunnels and bridges," explained Chen.

Kava Resources chief executive officer Tan Thian Lai said the affordable homes would be constructed with the Industrialised Building System. End-financing will be provided by Kopama.

"We will only offer the financing scheme to members. We hope to increase our membership from the current 4,000 to one million, and it is worth becoming a member, because we do not charge compounded interest on loans," Kopama president Datuk Abdul Rahim Hashim said.

He explained that “those who purchase a landed property worth RM300,000 would need to pay only RM833 a month for 30 years”, reported the English publication.

"Those who purchase a high-rise unit at RM40,000 would need to pay RM138 a month. We take into consideration the household income instead of individual income, so that prospective buyers can qualify for the financing schemes," Abdul Rahim added.

“Be a member and start saving up with us to buy your dream home," he said.