Ireka unit secures RM468mil housing contracts


“The projects will also contribute RM34.7mil in development funding to the Terengganu state government,” said Ireka managing director Mohd Hasnul Ismar Mohd Ismail.

KUALA LUMPUR: Ireka Corp Bhd’s wholly-owned subsidiary Ireka Development (Terengganu) Sdn Bhd (IDTSB) has secured projects with gross development value (GDV) totalling RM468mil from the Terengganu state government.

In a filing with Bursa Malaysia, Ireka said IDTSB will be the developer for the two projects, which comprised affordable and mixed housing developments.

The projects will be undertaken in two separate plots – one in Bandar Kerteh Jaya, Kertih, which covers 200 acres, and another 11.55 acres in Kampung Semayor, Kemasik.

“The projects will create jobs and opportunities in Terengganu, with RM120mil in development value being awarded to local contractors.

“The projects will also contribute RM34.7mil in development funding to the Terengganu state government,” said Ireka managing director Mohd Hasnul Ismar Mohd Ismail.

He added that the bulk of the development would focus on affordable housing, with 90% of the homes to be built priced at below RM300,000.

“The purpose is to provide affordable home ownership in Terengganu. Ireka will also ensure that these projects come with amenities like surau, shop lots, offices, petrol stations and other essential needs.”

According to Mohd Hasnul, the proposed development will drive earnings recovery for Ireka and provide earnings visibility for its property development segment over the next six years.

The development is expected to be completed in six years and will be undertaken in four phases.

He noted that the new management team has grown the group’s order book from RM470mil to RM1.3bil, securing more than RM800mil in construction jobs over the past five months.

“Going forward, Ireka is keen to seek more collaborative opportunities in mixed developments, especially in arrangements that also benefit the broader community,” he added.

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