In a landmark deal, Gagasan Nadi Cergas Bhd has secured an en bloc sale of 523 affordable housing units currently under development in the City of Elmina to the Selangor Housing and Property Board (LPHS) for RM134.4 million.

A subsidiary of the construction and property development group – Nadi Emery Sdn Bhd – has accepted a letter of offer from LPHS to procure the units which will be placed by LPHS for rental to B40 and M40 residents in the state.

Under the rental scheme, B40 and M40 residents in Selangor can rent a housing unit for two to five years, with 30 percent of the rental returned at the end of the contract to help fund the deposit for the purchase of the unit.

The City of Elmina development supports sustainable social and economic progress and reinforces the position of Gagasan Nadi to meet the increasing demand for high quality yet affordable homes.

All the housing units boasts of having a built-up space of 1,000 sq ft with three bedrooms, complemented by recreational facilities and amenities, and the project is slated for completion in the year 2028.

The City of Elmina is a comprehensive mega township in Shah Alam featuring the development of 7,500 affordable homes in this location, Kwasa Damansara and Bukit Jelutong for a total Gross Development Value of RM1.9 billion.

-THE MALAYSIA VOICE