KUALA LUMPUR, April 2 — The Malaysian Armed Forces (MAF) Veterans Foundation is expected to receive a gross fixed income of RM3 million per year through a building construction project on its land in Jalan Bernama here.

Senior Minister (Security Cluster) Datuk Seri Ismail Sabri Yaakob said the 51-storey mixed-use building concept project, comprising offices, commercial and residential spaces, with a total cost of RM250 million, is expected to be completed by the end of 2023.

"For the long-term, we believe MAF Veterans Foundation will earn an income of RM3 million a year from the rental of offices and multi-purpose halls after the building is completed.

"This is a long-term measure to strengthen the financial position of the foundation to meet its operational needs, especially the distribution of welfare funds and dependents of ATM veterans,” he said.

He was speaking to reporters after officiating the groundbreaking ceremony of the MAF Veterans Foundation and Pasukhas Development Sdn Bhd joint venture project here today.

Ismail Sabri said with the fixed income, it could reduce ATM Veterans Foundation's financial dependency on the government.

He said the construction project site is strategic and business-friendly while enjoying an attractive environmental eco-system, which could attract potential buyers. — Bernama