The middle-income group (M40) is a group that is often marginalised in homeownership. In this regard, the State Government of Johor, through Perbadanan Kemajuan Perumahan Johor (PKPJ), in strategic collaboration with Permodalan Darul Ta’zim (PDT), Iskandar Investment Berhad (IIB) via its subsidiary, River Retreat Sdn. Bhd (RRSB), and EcoWorld Development Group Berhad (EcoWorld) sealed a collaboration agreement involving the development of a residential project aimed at providing homeownership opportunities for the M40 group in Iskandar Puteri, Johor.
According to Menteri Besar Johor, Dato’ Onn Hafiz Ghazi, in total, an estimated 3,746 housing units will be offered. Out of this total, 1,008 units will be allocated for the targeted group, comprising 700 apartment units offered at a starting price of less than RM400,000.00 per unit and 308 terrace house units offered at a starting price of less than RM500,000.00 per unit.
This project is a continuation of the Eco Botanic 2 project, which received encouraging response, particularly from the M40 group among the Bumiputera community. More than 94% of the units have been sold since the launch of Precinct 1 and 2 in 2021.
As a result of this success, the State Government will continue the development of a mixed-use housing project known as Eco Botanic 3. This provides the M40 group with an opportunity to own premium and exclusive properties that will be developed in strategic locations, namely EduPark East and EduPark West in Iskandar Puteri, covering a land area of 240.314 acres owned by IIB.
During the Document Exchange Ceremony of the Collaboration Agreement between PKPJ, PDT, IIB, and EcoWorld recently, PKPJ and PDT have signed a ‘Letter of Understanding’ (LOU) formalising the strategic collaboration for the development project that focuses on the middle-income group (M40), particularly the Bumiputera community.
Meanwhile, PDT and IIB have signed a ‘Letter of Offer and Acceptance’ (LOA) outlining the proposed commercial terms for the purchase of the land. Simultaneously, IIB and EcoWorld have signed a ‘Sale and Purchase Agreement’ (SPA) to finalise the commercial terms regarding the land purchase.
“The synergy between the state government and the private sector is crucial in ensuring the progress of the housing sector in Johor remains competitive, especially in providing affordable and comfortable homes for the M40 group,” said Onn Hafiz.
“The State Government will collaborate with more developers to develop more supply of homes for everyone in the community. Hopefully, all the planned developments will enhance the quality of life of Bangsa Johor and realise the aspiration of Johor State to become an advanced state by the year 2030,” he concluded.
