KUALA LUMPUR, June 29 — Tiger Synergy Bhd expects to launch property projects with a RM2 billion gross development value (GDV) within the next five years.
Managing Director Shirley Tan Lee Chin said at least 40 per cent would be dedicated to building affordable housing projects, ranging between RM400,000 to RM500,000, and targeting the youth.
“There are nine projects altogether and all are mostly in the Klang Valley area,” she told reporters here today.
Listed on the Main Market of Bursa Malaysia, Tiger Synergy today signed a memorandum of agreement with Prosma Bhd to develop Telaris Gombak, an affordable condominium under the Rent-to-Own scheme, spearheaded by the latter.
The project, among Tiger Synergy’s nine ventures, has a contract value of RM100 million with a development period of 36 months.
Prosma has a strategic collaboration with Sekretariat Komuniti Prefer Malaysia (SKPM), a community created on the back of a private initiative, to assist the government in providing residences to 30 per cent of the population in Malaysia.
SKPM has been appointed to manage 50,000 houses under the Rent-to-Own Scheme.
The scheme entails assets/residential projects that are rented to the proprietor for a duration of 30 years through the diminishing partnership (Musharakah Mutanaqisah) concept.
Tiger Synergy Executive Chairman Datuk William Tan Wei Lian said it is high time for private developers to consider their role in contributing to the provision of an affordable Rent-to-Own housing.
“We believe we can, and must do more to ensure that correct policies are in place, to offer truly affordable housing to more people.
“Due to the soft sentiment in the luxury residential property segment and stringent mortgage application conditions, Tiger Synergy’s short-term business strategy is to stay on course with its focus on delivering high quality and affordable homes,” he added. — Bernama
