KUALA LUMPUR: A China-based construction giant has teamed up with a Malaysian company and a co-operative to build one million affordable homes for Malaysians at prices ranging from RM40,000 to RM300,000.

Jiangsu Provincial Construction Group Co Ltd (JPC) chairman Chen Zhenhua said they could deliver the one million units faster than the stipulated 10-year timeframe if the land banks were available.

"We are looking forward to building quality dream homes at an affordable price for the Malaysian buyers," he said.

He said this after the launching of the first batch of 100,000 affordable units to be built by JPC in collaboration with Koperasi Alumni MKM Kuala Lumpur Bhd (Kopama) and Kava Resources (M) Sdn Bhd at a hotel here on Saturday (Nov 23).

"Malaysia will be our gateway to South-East Asia. Apart from buildings, we can also construct highways, tunnels and bridges," said Chen.

Jiangsu province vice governor Fei Gaoyun said Melaka had long historical ties with China and would be the first venue for the affordable home scheme under the "tripartite" smart partnership agreement.

Kava Resources (M) Sdn Bhd chief executive officer Tan Thian Lai said the units would be built using the Industrialised Building System (IBS), while Kopama president Datuk Abdul Rahim Hashim added that the co-operative served as the end financier.

"We will only offer the financing scheme to members. We hope to increase our membership from the current 4,000 to one million, and it is worth becoming a member, because we do not charge compounded interest on loans," he said.

Abdul Rahim said that those who purchase a landed property worth RM300,000 would need to pay only RM833 a month for 30 years.

"Those who purchase high-rise unit at RM40,000 would need to pay RM138 a month. We take into consideration the household income instead of individual income, so that prospective buyers can qualify for the financing schemes," he added.

Abdul Rahim also said that those who already own plots of land could have bungalows built for prices as low as RM50,000 per unit.

"Be a member and start saving up with us to buy your dream home," he said.

Also present were deputy Parliament speaker Datuk Mohd Rashid Hasnon, Tebrau MP Steven Choong, Melaka executive councillor Lim Siew Lin, and Zafwan Sulaiman who was representing the director-general of the Housing and Local Government Ministry.