Tiger Synergy to build RM100m Rent-to-Own condo

KUALA LUMPUR (June 29): Tiger Synergy Bhd has signed a memorandum of agreement with Prosma Bhd, a holding company for the assets of Sekretariat Komuniti Prefer Malaysia (SKPM), to develop a RM100 million affordable condominium in Gombak.

The Telaris Gombak will be developed for a period of three years under the Rent-to-Own scheme spearheaded by Prosma, comprising 180 residential units and eight commercial units at an estimated price of RM500,000 per unit. The scheme will see the properties rented to the proprietor for 30 years.

SKPM is supported by the Ministry of Finance and Ministry of Domestic Trade, Co-operatives and Consumerism as the scheme owner, managing about 50,000 houses under the scheme.

The project is expected to contribute RM30 million to Tiger Synergy's bottom line over the next three years, said the group's managing director Shirley Tan Lee Chin.

This is expected to help the property developer, which recorded a net loss of RM8.09 million in its most recent quarter, achieve a turnaround in its 2018 financial year (FY18), said executive chairman Datuk William Tan Wei Lian.

"Due to the soft sentiments 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 strategic focus on delivering high quality and affordable homes," William said.

The group has nine property projects with gross development value (GDV) of RM2 billion to be launched within the next five years, of which 40% are "affordable" for customers earning above RM5,000 per month, Shirley said.

The Telaris Gombak project, which had a GDV of RM100 million and sits on 1.5 acres of land, will be sold entirely to Prosma, she added. — theedgemarkets.com

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