Wakaf MAINPP and PVISB to develop affordable housing on Wakaf Land
Wakaf Majlis Agama Islam Negeri Pulau Pinang (Wakaf MAINPP) and Perda Ventures Incorporated Sdn. Bhd. (PVISB) have signed a memorandum of understanding (MoU) to develop wakaf land at Lot 60, Mukim 11, Bayan Lepas.
The project will include the construction of 510 affordable housing units and 12 commercial lots, with an estimated value of RM170.1 million on the one-hectare site.
According to Deputy Chief Minister I, Dato’ Dr. Mohamad Abdul Hamid, the joint venture is expected to generate RM19 million in returns for Wakaf MAINPP. He highlighted that this initiative would maximize the potential of wakaf land as a productive asset, contributing positively to socioeconomic development.
The MoU, signed on January 18, was witnessed by Deputy Prime Minister Datuk Seri Dr. Ahmad Zahid Hamidi. Wakaf MAINPP was represented by its Secretary, Dato’ Rosidi Hussain, and CEO, Abdul Mohsein Mohd. Shariff, while PVISB was represented by Datuk Mohd. Asri Baharum and its CEO.
The wakaf land, originally donated by Allahyarham Putteh Masseh in 1948, has been registered under MAINPP since 1994. This project marks a significant step in leveraging wakaf assets for community benefit.
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