The Samsung Galaxy Gear VR is pricey at US$199, so of course someone would attempt to create a cheaper alternative. SnailVR's SVR Glass is a cheaper pair of VR goggles, though it comes with some tradeoffs.
Unlike the Galaxy Gear, it will work with any phone (iOS or Android) with a 4.7-inch to 6-inch screen. It also supports a 96-degree viewing angle (like the Galaxy Gear) and can be adjusted via a focus ring - a big help for the near-sighted.
As to the actual build quality, with its much lower pricetag, don't expect anything quite as polished as Samsung's kit. At 299 yuan (RM175) though, it would be easy to overlook what shortcomings it has.