GEORGE TOWN: Penang’s home-grown developer, Aspen Group and Malaysia Building Society Berhad (MBSB) today entered into a historic agreement of Islamic financial facilities to fund the state’s first privately initiated affordable housing project located on prime freehold land at Tanjung Tokong.
The Tri Pinnacle project, which is endorsed by the State Government and will be open only to buyers registered and approved by the State’s Affordable Housing Department, consists of 390 units of 650 square feet low medium cost apartments priced at RM72,500 each and 859 units of 800 square feet affordable condominiums priced at RM299,000 each.
Aspen Group’s Chief Executive Officer, Dato’ Murly Manokharan and Malaysia Building Society Berhad (MBSB)’s President and Chief Executive Officer, Dato’ Ahmad Zaini Othman inked the agreement of Islamic financial facilities worth RM95.5 million and witnessed by Dato’ Seri Nazir Ariff, Chairman and Executive Director of Aspen Group and Tan Sri Abdul Halim Ali, Chairman of MBSB.
The Islamic financing facilities provided by MBSB to Aspen Group include Islamic Term Financing and Islamic Bridging Financing. The purpose of these facilities is to defray the purchase price of freehold land measuring 9.97 acres at Mount Erskine, Tanjung Tokong, the development construction cost for affordable condominiums and low medium cost apartments.
Tri Pinnacle, expected to commence construction in the third quarter of this year, will take 36 months to complete. Since it is a private affordable housing project, the developer owns the sole control in areas such as development concept, layout plan and building materials.
“As a new player in the property development industry, Aspen’s vision is to provide affordable, quality homes for all Malaysians. Aspen Group is the first private developer in Penang to initiate such a project and we are proud to contribute significantly in meeting the people’s needs for affordable housing.
”The supports from the government has been overwhelmingly positive and helped us to realize our vision to bring quality modern homes for all Malaysian,” said Dato’ Murly Manokharan during the signing ceremony.
Aspen promises to build and create a sustainable environment for its purchasers and the developer will not cut any of the construction costs while undertaking the project. “The affordable condominiums will be equipped with facilities commonly provided by existing high-rise residential properties,” Dato’ Murly emphasized.
“This collaboration not only enable us to be part of this vibrant project but also contribute to Penang’s property sector. Other than providing financing facilities to Aspen Group, we will also extend an attractive end financing package to its home buyers,” said Dato’ Ahmad Zaini Othman, President and CEO of MBSB.
He added, “At present, MBSB have managed several numbers of property development projects in the island through our contract financing, bridging projects, as well as structured financing initiatives. MBSB’s recent endeavours in Penang include mixed development of residential condominium and commercial properties.”
MBSB has launched new home financing campaigns notably “Special Rate” package and “My First Home Buyer Scheme” uniquely designed for first home buyers. These initiatives are definitely in support towards promoting home ownership in Malaysia.
Building affordable homes on private land is a win-win solution for all parties – eligible homeowners can purchase their dream homes at a reasonable price, private land owners can sell their land and contribute to the community. The State Government, through such Scheme, can meet and fulfil its people’s housing needs.
The Penang State Government, through its Housing Department, will play a primary role in ensuring only genuinely deserving applicants are entitled to purchase the houses. The involvement of the State Government will help to expedite the approval process of qualified buyers while preventing property speculation.
Aspen Group will assist aspiring first-time buyers in submitting their registration forms to the State’s Housing Department in Komtar. Interested members of the public can register at Aspen’s website, www.aspen.com.my or its Facebook page, www.facebook.com/myaspengroup. The eligibility criteria is bound by the conditions, requirements and regulations stipulated by the Penang State Government. The public is encouraged to log in to http://erumah.penang.gov.my/ to understand the stipulated requirements and regulations.
Aspen Group is currently working on several development projects with an estimated GDV of RM2.1 billion. These projects include Tri Pinnacle in Tanjung Tokong, Beacon in Sungai Pinang, HH Residence in Tanjung Bungah, the first phase of Aspen Vision City in Batu Kawan and the first Ikea Store outside Kuala Lumpur, with some targeted for completion within the next five years.