Launched last year, Indonesia-based MilikiRumah, which provides rent-to-own housing, has launched a $50 million U.S. private equity fund to address the issue of housing accessibility in the country.
The MilikiRumah Rent-To-Own Fund 1 aims to provide underbanked Indonesians — particularly those without fixed incomes or traditional credit histories — with a pathway to home ownership.
Founded by former PropertyGuru executives Winston Lee, Marine Novita and Lau Xin Yuan — MilikiRumah’s CEO, president director and finance director, respectively — the company is backed by such investors as Ruifeng Wealth Management and Tembusu Partners.
The company works with developers to build affordable homes in Greater Jakarta. These homes are co-owned by MilikiRumah and the developers until residents complete their payment plans. During this period, they gradually build a credit history, enabling them to qualify for a conventional mortgage.
“In undertaking our ambitious slate of national initiatives to grant homeownership to Indonesia’s underbanked, MilikiRumah, in fulfilling its core mandate of being a social impact proptech company, uplifts homeownership accessibility opportunities to Indonesia’s underbanked as an effective and significant social equaliser,” Lee said.
