TAFI unit signs JVs with RM621.5mil combined GDV

KUALA LUMPUR: Tafi Industries Bhd's subsidiary Gerak Mahir Sdn Bhd has entered into five joint venture agreements for property development projects in Kuantan with an estimated total gross development value of RM621.5mil.

It said in a filing with Bursa Malaysia that the estimated total gross development cost of the projects, which comprises the development of terrace houses, shops and semi-detached houses, is RM424.5mil.

Gerak Mahir signed two separate joint venture agreements with Pembinaan Alamku Sdn Bhd valued at RM 142.9mil and RM148.4mil GDV respectively for mixed-developments in Chedor and Kampung Baging in Sungai Karang.

It also signed a joint venture with Pembinaan I-One Sdn Bhd for a mixed-development project at Mukim Penor with an estimated GDV of RM121.1mil.

It teamed up with Kotamas Development (M) Sdn Bhd for a mixed-development project at Batu 14, Jalan Kuantan-Gambang in Kuala Kuantan worth about RM31.3mil.

Finally, it tied up with Jaringan Fajar Sdn Bhd for a RM177.7mil GDV mmixed-development project in Bukit Pelindung in Kuala Kuantan.

TAFI Group CEO Datuk Sri Wong Sze Chien said the joint ventures show the group's expansion of its property development segment.

“Revenue from TAFI Group’s property development segment is expected to start coming in year 2022 from our maiden mixed-development property development project at Habu, Cameron Highlands, Pahang with estimated GDV of RM390 mil," he added.