Sharia-based property company PT Darussalam Madani Property will develop 1,000 hectares of land in Cabangbungin Sub-district, Bekasi District, West Java, for the construction of a sharia housing called Madinah City.
“The initial stage is developing an area of 75 hectares, according to permission from the local administration,” said CEO of PT. Darussalam Madani Property, Saiful Azmi Aziz in Bekasi, Sunday, 22 April.
The fund of initial development fund was disbursed up to Rp1.5 trillion, sourced from the consortium. Even his side took investors from the Middle East.
Aziz said, at an early stage will be built up to 3,000 units of houses with four clusters. The company targets the units to be sold-out in October this year. Meanwhile, the selling price starts from Rp269 million with type 27/70 for the middle class.
“We will open gradually up to 1,000 hectares,” Aziz said.
According to him, the land has been plotted to the local administration. He said that Cabangbungin, although located in the northern part of Bekasi, was chosen because there is still available a large area of land, the majority of rice fields.
Aziz said the large investment is without involving loans in banks. He said the fund is from a serious consortium that wants to develop sharia housing. Because, he said, the potential for sharia housing in Indonesia is quite large.
“We’ve been researching, the majority of the Muslim population in Indonesia wants to get out of the trap of usury,” he said.
He said the pattern of the company does not involve banks starting from the credit agreement. According to him, potential buyers will pay to the developer directly, with various requirements.
“The requirements also are not out of the Islamic Shari’a itself, because we uphold the Islamic Shari’a that we offer,” he said.
Aziz said the developers apply the concept of Islamic facilities with the facade of a modern house building style Medina City.
There is a Jami mosque, which stands on two hectares of nabawi concept, professionally managed.
In addition, in Madinah City, there are educational facilities, Islamic boarding school, tahfidz Quran, equestrian and archery areas, and so forth.
“This is the biggest cluster in Indonesia with Islamic concept,” said Aziz.