Selangor Journal
(from left to right) Selangor State Development Corporation (PKNS) chief executive officer Datuk Mahmud Abbas and Bank Islam Malaysia Bhd chief business officer for the retail group Mizan Masram with the signed memorandum of understanding documents, during the ceremony at Restoran SACC Kelana Seafood in Shah Alam, on August 15, 2022. — Picture by FIKRI YUSOF/SELANGORKINI

PKNS aims for RM600 mln in development for high-rise housing projects

By Zareef Muzammil

SHAH ALAM, Aug 15 — The Selangor State Development Corporation (PKNS) is targeting over RM600 million in gross development value (GDV) for six high-rise housing projects until the end of 2021.

However, its chief executive officer Datuk Mahmud Abbas said the estimated GDV is subject to the market’s current abilities, especially as Malaysia transitions to the endemic phase.

He said two projects will be launched in the nearest future, one in Section 16 at Shah Alam involving 232 units while the second is in Bangi with 200 units, all of which are priced below RM400,000 per unit.

“We are taking a cautious stance before launching any new projects by analysing the state of the Malaysian economy, as we do not want to build houses that lack buyers.

“However, we hope to launch six projects this year with a total GDV of over RM600 million, seeing as how we had to get approval from the local authorities for planning permission at the start of the year,” Mahmud said.

He was speaking at the signing ceremony for the memorandum of understanding (MoU) with Bank Islam Malaysia Berhad (Bank Islam), which will offer buyers housing loans based on the Tawarruq principle, earlier today.

Mahmud added that financing is provided for all PKNS real estate products under construction, as well as those ready to be developed throughout Selangor.

These include Puteri Soraya and Puteri Aira in Kota Puteri; Azhara, Lavender and Cassia in Antara Gapi; Rafflesia in Bernam Jaya and Anggun Kirana and Hijauan Enklaf in Alam Nusantara.

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