Ireka unit bags development award in Terengganu for RM58.3mil

KUALA LUMPUR: Ireka Corp Bhd's unit Ireka Development (Terengganu) Sdn Bhd has accepted a RM58.3mil contract from Koperasi Permodalan Sahabat Terengganu Bhd (Kosahabat) to develop through privatisation an affordable and mixed housing development in Kuala Abang in Dungun, Terengganu.

In a statement, it said the proposed project will see the development of 284 home units and five commercial units over the next three years. The three home variants to be built are targeted at the B40 segment.

The project commences on Dec 20, 2021 and is scheduled for completion on Dec 19, 2024.

According to Ireka managing director Mohd Hasnul Ismar Mohd Ismail, the group has been focusing on collaborations with various parties in the development of affordable housing in Malaysia, such as Kosahabat.

He added that these synergistic alliances and partnerships help reduce costs while accelerating the progress and availability of such affordable housing for those that need them.

“This latest contract win reaffirms the Group’s commitment to providing affordable housing for the underserved segments in Malaysia, and will continue to be a significant contributor to the nation’s property development sector.

"Over the years and before the COVID-19 pandemic, there was an obvious mismatch in the pricing and affordability. Hence, it is IREKA’s vision to build affordable homes that can assist the B40 segment in becoming homeowners," said Mohd Hasnul in a statement.

He added that Ireka has successfully secured more than RM850mil in construction jobs in the last five months, bringing its order book to RM1.36bil.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Next In Business News

Oil prices edge higher on tight supply, firmer demand expectations
Malaysia setting up centre for 4IR to spur economy recovery
Hibiscus Petroleum's 3Q net profit jumps to RM307.54mil, declares 1c div per share
T7 Global posts net profit of RM2.72mil in 1Q
Malaysia's recovery continues to be resilient, March's LI up to 111.3 points
Bumi Armada posts improved 1Q net profit of RM185.76mil
FBM KLCI stays positive as Asia shrugs off Wall St weakness
CPI rises 2.3% in April, with food inflation higher at 4.1%
Elon Musk drops out of US$200bil club again as Tesla tumbles
Latex goods account for 83.1% of total exports for rubber products in Q1 2022

Others Also Read