UDA Holdings Boosts Waqf Land Value Through Penang Development

UDA Holdings Berhad is actively developing potential waqf (Islamic endowment) land, exemplified by the Amaanee Residences @ Wakaf Seetee Aisah project in Seberang Jaya, Penang. This initiative by the agency under the Ministry of Entrepreneur Development and Cooperatives aims to unlock the full potential of these assets for the broader community.

Launched in July 2023, Amaanee Residences is a continuation of previous successful developments on the Wakaf Seetee Aisah land, including a commercial center and housing projects. The current residential development, scheduled for completion in 2027, is designed with tranquility, comfort, and accessibility in mind, catering to the needs of modern buyers.

Ir. Shahrul Arizan Mohamad Adnan, COO of UDA Land (North) Sdn. Bhd., stated that the phased development includes commercial areas, waqf housing, and medium-cost residences. This approach not only meets community needs but also realizes the potential of waqf assets for sustainable, widespread benefit.

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The development is carried out in phases through various branches such as commercial centers, waqf houses, and medium-cost housing. It is not only limited to meeting the needs of the community, but is part of an effort to realize the potential of waqf assets for the benefit of the ummah more comprehensively and sustainably.

The strategic development by UDA has significantly boosted the value of Wakaf Seetee Aisah land. Its estimated value has jumped from around RM34 million to approximately RM42 million. Furthermore, annual returns have surged from about RM200 to RM3.36 million. This increase in revenue helps fulfill the original intentions of the waqf donors by supporting more beneficiaries and creating a broader impact.

Amaanee Residences itself is a 40-story apartment complex offering 410 units, each with three bedrooms and two bathrooms. Available in sizes of 950 and 1,100 square feet, prices start at RM299,991. The development boasts amenities such as a swimming pool, gymnasium, playground, daycare, covered parking, a multipurpose hall, and a mortuary management room, with gated and guarded security. Its strategic location provides easy access to major highways and public transportation.

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The value of this waqf land has increased from around RM34 million to approximately RM42 million, while its annual income has also increased from around RM200 to around RM3.36 million.