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The real estate sector must actively involve the cooperative movement

The cooperative movement in Malaysia is being urged to take on a more significant role in the property development and construction sectors to benefit not only its members but also the general public. Entrepreneur and Cooperatives Development Minister Datuk Ewon Benedick emphasized the importance of cooperatives venturing into real estate, not just for housing development but also for other profitable opportunities such as hospitals, hotels, factories, warehouses, data centers, and more.

Property development is a lucrative industry that can help generate income for cooperatives while also addressing the housing needs of Malaysians. By engaging in joint ownership activities, cooperatives can create profit through inclusivity and inclusiveness, aligning with the current economic landscape. This approach allows for a sustainable business network that can contribute significantly to the country’s gross domestic product.

In support of the government’s efforts to promote cooperative involvement in real estate development, the Cooperative Commission of Malaysia (SKM) has established the Cooperative Commission of Malaysia Revolving Capital Fund, also known as the ‚100 Best Cooperative Funding (Bestfi-100)‘. This fund provides financing opportunities for the top 100 cooperatives, with up to RM30 million in financing available.

As of December 2023, there were 1,171 registered cooperatives in the Federal Territory with a total membership of 2.39 million members. These cooperatives collectively hold assets worth RM21.65 billion, generating share capital and fees amounting to RM8.95 billion, with revenue reaching RM5.67 billion. These figures highlight the significant potential of the cooperative movement in Malaysia and the importance of leveraging these assets for sustainable development and investment opportunities.

During the National Cooperative Day Celebration in 2024, Minister Ewon launched SKM’s New Strategic Initiatives (NSI) of the Federal Territory, which included the Rumah Selangorku Project: Shorea Garden. This project, developed by Koperasi Sahabat Amanah Ikhtiar Malaysia Bhd, is a joint venture with the Selangor State Housing and Real Estate Board. The RM63.8 million project, located in Puchong, offers 230 units priced from RM275,000, catering to households with incomes below RM14,500.

The Rumah Selangorku Shorea Garden project exemplifies the cooperative movement’s commitment to providing affordable housing solutions while engaging in profitable real estate ventures. By tapping into the strength of cooperatives and utilizing their assets for high-impact investments, the sector can contribute significantly to the country’s economic growth and social development. With the right support and strategic initiatives, cooperatives in Malaysia have the potential to transform the property development and construction sectors for the benefit of all stakeholders.

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