Short Story
Eastcape Vista Sdn Bhd (EVSB) is raising funds for payment of contribution charges and statutory fees for building plan approval to be made 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.
PRE-DEVELOPMENT OF AFFORDABLE HOMES
-
RM310000
Funding Goal -
RM310000
Funds Raised -
0
Days to go -
Target Date
Campaign End Method
Campaign Story
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.
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.
CLIENT
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.
BUSINESS PROFILE
- 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.
UTILIZATION OF PROCEEDS – FUNDING SUMMARY
| 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 | 15.00% per annum |
| 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 AND KEY MEMBERS
| 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. |
| Ms Yuslinov Binti Ahmad
Director/Shareholder Work Experience ● Yuslinov Ahmad & Petra Oon (1995 – present) |
● 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).
● Admitted to the High Court of Malaya as an Advocate and Solicitor and the Penang Syariah Court as a Syarie Lawyer. She is an accredited Mediator and a member of the Malaysian Mediation Centre. ● Practicing for 21 years under Messrs. Yuslinov Ahmad & Petra Oon, a company experienced in the diverse legal fields of law, her experience in land matters and contracts is invaluable to the company. |
MARKET INFORMATION
The affordable housing in Malaysia is grossly undersupplied despite high demands. This issue has been compounded by the fact that the distribution of new housing supply has been concentrated on the higher price category.
According to BNM, the housing industry has not provided an adequate supply of affordable housing for the lower and middle-income household. Among the four states with the highest concentration of urban population, the supply shortage is largest in Kuala Lumpur, followed by Penang and Johor.
FINANCIAL SUMMARY
|
INCOME STATEMENT (RM) (‘000) |
2017
|
2016
|
| Sales revenue |
1,811 |
1,587 |
| Operating cost |
830 |
1,019 |
| Administrative cost |
394 |
361 |
| Net profit / (loss) after tax |
469 |
180 |
|
BALANCE SHEET (RM) (‘000) |
As at 31 Dec, ‘17
|
As at 31 Dec, ‘16
|
| Current assets |
8,741 |
7,807 |
| Fixed assets |
318 |
375 |
| Total assets |
9,059 |
8,182 |
| Accounts payables |
7,256 |
6,848 |
| Retained earnings |
803 |
334 |
| Capital |
1,000 |
1,000 |
|
Total equity & liabilities |
9,059 |
8,182 |
KEY RISK
- Legal – Land ownership is under PR1MA.
- Financial – Potential untimely payments for claims.
CONTACT INFORMATION
Name : Mazlan Mahmood
Designation : CEO / Managing Director
Address : Oasis Square, C-10-05, Block C, No. 2 Jalan PJU 1A/7A, Ara Damansara, PJU 1A, 47301 Petaling Jaya, Selangor Darul Ehsan
Email : [email protected]
Phone : +60124382109