An umbrella company will be set up by Sabah Housing and Real Estate Developers Association (Shareda) to group all its members in a coordinated and continuous effort to provide cheap, affordable houses to the poor in the state.

The company, to be known as Shareda Bhd, will serve as a special purpose vehicle (SPV), whose primary objective is to facilitate members of the association to collectively construct affordable houses, said its president Francis Goh Fah Shun.

He announced yesterday that the umbrella company would be funded by Shareda members either in cash or in land, and who would develop affordable housing projects by way of pooling resources.

“The SPV will help explore the opportunities for Shareda members to carry out affordable housing projects with less monetary aims,” he said in a press conference at Shareda office at Jalan Bundusan, Penampang.

Goh said Shareda aimed to raise a start-up capital of between RM18 million to RM30 million for the company which would pay back to contributing members in the form of share dividends.

He said the proposed company would be officially discussed and decided by Shareda members in their coming 21st annual general meeting on March 1.

“The umbrella company will frontier private sector initiative in assisting the government in providing affordable homes in Sabah,” he said.

Meanwhile, Goh said more than 2,000 units of affordable homes were expected to be launched this year as part of Shareda’s commitment to build 10,000 units of affordable homes in the state.

The first 1,200 units will be launched at Taman Timbok Jaya in Tuaran in March.

Apartment Kota Marudu in Kota Marudu will contribute 400 units when it is launched in April, while another 680 units in a form of double-storey houses will be launched in June at Taman Luangan Jaya, Beaufort.

Touching on other agendas to be brought up in the coming AGM, he said members would also vote on the proposal to reduce the maximum term of office for their president from six to four consecutive years.

A motion to increase Shareda’s council members from 15 to 18 and to change two out of its three trustees will also be discussed.