PRE-DEVELOPMENT OF AFFORDABLE HOMES

Selangor, Malaysia
20/01/2018 - 19/02/2018
Reference No : NK-19012018-MD-0001

SUMMARY

Eastcape Vista Sdn Bhd (EVSB) is raising funds for payment of contribution charges and statutory fees, for building plan approval, to Majlis Bandaraya Pulau Pinang (MBPP). This funding is a part of the pre-development funding towards the development of the project targetted to start in mid-2018.

BUSINESS OVERVIEW

Eastcape Vista Sdn Bhd (EVSB) is raising funds for payment of contribution charges and statutory fees, for building plan approval, to Majlis Bandaraya Pulau Pinang (MBPP). This funding is a part of the pre-development funding towards the development of the project targetted to start in mid-2018.

  • Eastcape Vista Sdn Bhd is a Malaysian based company engaging in property development and project management consultancy.
  • EVSB was incorporated in the year 2013.
  • Headquartered in Kuala Lumpur.

Past projects include:

  • Lead Architects’ Representative for Tanjong Tokong Land Reclamation Project, Penang for United Engineers Malaysia Berhad.
  • Lead Architects’ Representative for Schematic Design for Kuala Lumpur Convention Centre, Kuala Lumpur for KLCC Holdings Sdn Bhd.

THE PROJECT

Proposed Development of 1,248 units affordable homes (850 sq.ft. apartments) on 8.57 acres in Batu Ferringhi, Penang for Perbadanan PR1MA Malaysia, a prime location in Penang. EVSB has already obtained Delivery Order and building plan approval and is due to commence construction in mid 2018.

CLIENTELE

PR1MA (Perumahan Rakyat 1 Malaysia or ‘1 Malaysia Public Housing’) is the agency mandated by the Prime Minister’s Department to develop 500,000 units of affordable homes nationwide.

KEY DIFFERENTIATION

  • EVSB has obtained 100% offtake (or presold) from PR1MA.
  • Payment secured by a government-owned company.

RISK MITIGATION

  • Post-dated cheque dated as per payment date to investors.
  • The funding amount is a small portion of the total project amount.

Utlilization of Proceeds - Fundings Summary

S.No Item Terms & Conditions
1 Product Name Mudharabah Financing-i (“Facility”)
2 Purpose of the Investment Total Project Funding Amount shall be utilized by the Issuer in the following purpose and manner according to shariah principle employed in relation to the project:
(i) Funding contribution of building plan to Majlis Bandaraya Pulau Pinang (MBPP).
(ii) Service Fee (Wakalah Fee)
3 Project The development of 1,248 units Affordable Homes (850 sq.ft. apartments) on 8.57 acres in Batu Ferringhi, Penang for Perbadanan PR1MA Malaysia.
4 Investor’s Capital The financing size is RM 310,000.
5 Issuer (Mudharib) Eastcape Vista Sdn. Bhd.
6 Sector / Industry Real Estate Development.
7 Risk Grade 2.88
8 Returns 15%
9 Investment Tenure 6 months
10 Trustee Pacific Trustees Berhad

A mudharabah muqayyadah (restricted investment profit-and-loss sharing basis) contract will be signed between investor(s) and EVSB. Investor(s) are not lending money or buying equity.

Shareholders , Directors , Keymember ( Person details)

Mazlan Bin Mahmood - Managing Director/Shareholder


Work Experience

  • Akitek Antara Sdn Bhd, Penang (1994 – 1999)
  • Neuformation Architect, KL (2000 – 2007)
  • Blue Archipelago Berhad, KL (2008 – 2013)
  • Eastcape Vista Sdn Bhd (2013 – present)


  • His experience is a culmination of passion in design, building and project management, spreading across 22 years in various companies. His qualification as an Architect (BA in Architecture, Sheffield, UK in 1992 and Post-Grad. Dip. In architecture RIBA Part 2, Lincoln, UK 1994) has lead him to manage a breadth of design & build projects which included Land Reclamation, IBS Roadmap, Housing projects, various Infrastructure, Development and industrial plant projects.
  • He headed the Special Projects division of a Khazanah Nasional Berhad (Malaysian Government’s investment company) subsidiary Blue Archipelago Berhad, a company incorporated to develop and promote industrial-scale aquaculture, providing consultancy services to both private and government sector stakeholders on the development of an Integrated Zone for Aquaculture.
  •  He is also a member of the Malaysia Institute of Architects.
  • She is a holder of a diploma in Public Administration from the Institute of Technology Malaysia (ITM) and was conferred with an honors degree in Bachelor of Law at the International Islamic University (1994).

Financial Summary