PETALING JAYA, Nov 12 — UDA Holdings Berhad plans to develop 100 acres of wakaf land across the country, with an estimated gross development value (GDV) of RM1 billion.

Bank Muamalat Malaysia Berhad signed a Memorandum of Understanding (MoU) today to provide financing to the developer as well as end financing to the buyer.

“Through this agreement, we will enhance UDA’s efforts in implementing the development of wakaf land. We will be briefing the state Islamic Religious Councils (MAIS) that are interested in developing wakaf lands which have the potential to be developed.

“We expect the land sites are ready to be developed in several states, including Selangor, Kelantan, Sabah, Perlis, Perak, Johor and Malacca, with a total of 100 acres and an estimated gross development value of RM1 billion, which is currently in the discussion stage,” said UDA Holdings group managing director Ahmad Abu Bakar.

UDA was first set up in 1971 by the government, mainly to redevelop and repurpose dilapidated buildings in urban areas. It also built new townships including Taman Tun Dr Ismail in Kuala Lumpur, Bandar Tun Hussein Onn in Selangor and Bandar Baru UDA in Johor.

In 1996, it was incorporated and changed its name to UDA Holdings Sdn Bhd, before again changing its status to a public limited company and changing its name to UDA Holdings Berhad three years later.

Deputy Finance Minister Datuk Ahmad Maslan, who was also present at the signing of the MoU, told reporters that there are 11,091.82 hectares of wakaf land, worth RM1.177 billion.

He said a total of 6,255.333 hectares is considered specific wakaf land while general wakaf land, which can be developed into housing, business premises, amount to about 4,836.5 hectares.

“UDA has developed nine acres of wakaf land in Penang [with a GDV of RM25 million] and so UDA has experience in developing wakaf land, Seetee Aisah, owned by Penang Islamic Religous Council, it is a mixed developement.

“We will begin building [a mixed development] on five acres in Selangor with the GDV of RM125 million this is just the beginning. After that, UDA and Bank Muamalat proposed to develop up to 100 acres.

“That is just a small part of the general wakaf land. I call upon state Islamic Religious Councils and Department of Awqaf, Zakat and Haj (Jawhar) under the Prime Minister’s Department, that we have two institutions that have experience to provide more land for UDA and Bank Muamalat to develop,” he said.

UDA’s Ahmad said the developer is currently doing negotiating to develop nine pieces of land including a 7-acre land in Sabah with a GDV of RM400 million, and a 27-acre land in Kedah with a GDV of RM115 million.

Wakaf is a dedication of properties, be it land or buildings, by a Muslim through a will or otherwise.

The development of wakaf land is under the jurisdiction of the National Endowment Foundation and Jawhar.