Retirement villages will be developed on land belonging to Perbadanan PR1MA Malaysia (PR1MA), said Housing and Local Government Minister Zuraida Kamaruddin.

She said PR1MA would come up with the model concept and collaborate with strategic partners to develop several retirement villages on its land.

She explained that PR1MA was currently drafting a policy focusing on the needs of, and addressing all the fundamental elements that are needed for senior citizens to live in a harmonious environment with adequate health facilities.

Zuraida said the establishment of retirement villages was a new business model adopted by PR1MA so as to provide a well-facilitated, well-equipped and sophisticated infrastructure for senior citizens.

“We have a few parties who are interested and they will come up with proposals. We will see what is their business model and concept, and work with them,“ she said when addressing the Malaysian Population Aging Forum held virtually today.

Zuraida said the proposed retirement villages, which are likely to be ready in 2023, would focus on landed and low-rise concept.

For now, she said a few strategic locations had been identified, namely in Penang and Malacca due to their suitable surroundings and peaceful environment.

“It is important to have retirement villages because when individuals grow older, they will be looking for a different concept of living as they want to be with their peer group to share ideas, knowledge and socialise.

“They have to come together in one community so that they can be productive. A healthy old age means giving them the opportunity to interact with their peer group and doing activities at their own pace.”

On the cost of staying in the retirement villages, Zuraida said it would be affordable, ranging between RM400 and RM600 per month depending on the facilities and cares they would need.

Zuraida said there are currently two million senior citizens aged 60 and above in Malaysia.

She pointed out that a long-term plan was needed to assist the ageing population so that the government could spend less in terms of healthcare, hospitalisation and medication.

Source: Bernama

About Sanctuary Village

The 7th phase of residential development at Permatang Sanctuary by IJM in Alma, Bukit Mertajam. Strategically located within an established neighbourhood, about 15-minute drive from Juru Auto-City and Penang Second Bridge. It is only a short drive to an abundance of amenities namely AEON Mall, Tesco Hypermarket, eateries, schools and banks. Featuring a mix of semi-detached and bungalow houses.

Find out more about Sanctuary Village

The upcoming Penang International Exchange mixed development project at Bayan Baru may include affordable housing components.

According to the latest proposal submitted by Magna Rezeki Sdn. Bhd., the mixed development project located on the empty land next to Giant Hypermarket in Bayan Baru will consist of a 50-storey affordable condominium together with a 28-storey commercial building.

The condominium comprises 3 towers, offering a total of 1,202 affordable units with 9 levels of car parking podium. Recreational facilities will be located at level 10, 11, 23 and 24. Given the typical requirement of an affordable housing project in Penang, the units are expected to have a standard built-up size of around 900 sq.ft.

This project is still in its planning stage and pending approval. More details to be available upon official launch.

READ MORE ABOUT AFFORDABLE HOUSING:

• Eligibility and the requirement of buying affordable housing
• Full list of affordable housing in Penang

Property Project : (to be confirmed)
Location : Bayan Baru
Property Type : Affordable housing
Total Units: 1,202
Built-up Area: 850 sq.ft. – 900 sq.ft. (guestimated)
Indicative Price: (to be confirmed)
Developer : Magna Rezeki Sdn. Bhd. (Ideal Property Group)

Location Map:

DISCLAIMER: This article is solely based on research done using publicly available data. This is not an advertisement. Any claim, statistic, quote or other representation about a project or service should be verified with the developer, provider or party in question.

Jade Marvel Group Bhd said the group and JSC Land Sdn Bhd have mutually agreed to terminate their joint venture agreement (JVA) to develop a project in mainland Penang.

Jade Marvel, through its unit Great Marvel Sdn Bhd (GMSB), will instead complete the development on its own, the group said in a bourse filing on Tuesday.

“The termination of JVA is due to JSC being unable to obtain approval from the relevant authorities for the change of developer’s name from GMSB to JSC.

“The parties have agreed to mutually terminate the JVA without any penalty. Arising from the termination, GMSB will undertake the role as developer to carry out and complete the development project,” it said.

Jade Marvel on Sept 21 last year announced its JVA with JSC to develop a housing project with a gross development value of RM25 million on a 3.23-acre freehold land owned by the former in Simpang Ampat, Seberang Perai Selatan.

Jade Marvel said the construction work is expected to commence by the end of 2021.

Shares of Jade Marvel closed unchanged at 99 sen, for a market capitalisation of RM125.52 million.

Source: TheEdgetMarkets.com

Bank Negara Malaysia (BNM) maintained the Overnight Policy Rate (OPR) at 1.75 per cent at its first Monetary Policy Committee (MPC) meeting yesterday.

In a statement today, the central bank’s MPC considered the stance of monetary policy to be appropriate and accommodative, while remaining committed to utilise its policy levers as appropriate to create enabling conditions for a sustainable economic recovery.

“Given the uncertainties surrounding the pandemic, the stance of monetary policy going forward will be determined by new data and information, and their implications on the overall outlook for inflation and domestic growth,” said BNM.