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Saturday, July 11, 2009

SPV set up for Iskandar public housing plan

The Iskandar Regional Development Authority (Irda) has approved the set-up of a special purpose vehicle (SPV) to implement a public housing programme in Iskandar Malaysia, Johor.

The RM200 million programme, wholly funded by the Minister of Finance (MOF), involves construction of 1,500 units of quality rental housing with improved public facilities for the low- to middle-income groups.

The SPV will provide three-and-a-half to four-storey walk-up apartments with built-up of 900 sq ft per unit.

The programme was finalised during a meeting in Putrajaya yesterday, chaired by Prime Minister Datuk Seri Najib Razak, who is also the co-chairman of Irda, and Johor Menteri Besar Datuk Abdul Ghani Othman.

In a statement yesterday, Irda said the SPV will facilitate the timely development and delivery of the programme within the specified time-frame, quality requirement and budget.

This will be executed through a property management system that will ensure sustainable and quality building management and maintenance.

The authority also endorsed the setting up of an SPV for the implementation of the transformation of Johor Baru's central business district (CBD).

The transformation exercise encompasses the cleaning of Sungai Segget, a sewerage treatment system in Sungai Segget's catchment and flood mitigation.

As at last month, Iskandar Malaysia had secured RM44.86 billion in committed investments, exceeding its target of RM44.75 billion by the year-end.

By Business Times

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