GEORGE TOWN, Jan 18 (Bernama) — The Penang Islamic Religious Council (MAINPP), through its subsidiary Wakaf Pulau Pinang Sdn Bhd (WPPSB), has partnered with Perda Ventures Incorporated Sdn Bhd (PVISB), a wholly-owned subsidiary of the Penang Regional Development Authority (PERDA), to develop a high-impact project on Wakaf land at Lot 60, Mukim 11, Bayan Lepas.
The collaboration involves constructing 510 affordable housing units and 12 commercial units on a one-hectare (2.85-acre) plot, with a total project value of RM170.1 million.
The development agreement between MAINPP, WPPSB and PVISB was signed in Teluk Bahang tonight during the Ministry of Rural and Regional Development’s (KKDW) 2025 Retreat Dinner.
MAINPP was represented by its secretary Datuk Rosidi Hussain and WPPSB its chief executive officer (CEO) Abdul Mohsein Mohd Shariff, while PERDA General Manager Datuk Mohd Asri Baharum and PVISB CEO Noorkhaizan Mohd Noor represented PERDA.
The ceremony was witnessed by Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi, Penang Deputy Chief Minister I Datuk Dr Mohamad Abdul Hamid and PERDA Chairman Datuk Dr. Shaik Hussein Mydin.
Mohamad, who is also MAINPP President, said the Wakaf land was donated by philanthropist, the late Haji Puteh Haji Masseh on Oct 9, 1948, and registered under MAINPP on May 20, 1994.
The project, approved during a special MAINPP Wakaf Board meeting on Aug13 last year, is expected to generate RM19 million in returns for MAINPP to enhance Wakaf assets' sustainability and value.
“This initiative aims to maximise the potential of Wakaf land as a productive asset that positively impacts the socio-economic development of the Muslim community,” Mohamad said.
Meanwhile, according to Shaik Hussein, the approved development plan involves two 21-storey blocks housing 510 affordable units and 12 three-story commercial shop lots.
“This is PVISB’s first property development on land owned by another agency and marks its expansion as a forward-thinking property developer,” he added.
-- BERNAMA
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