YKGI to co-develop RM271.62mil affordable housing project with Sarawak HDC

KUALA LUMPUR: YKGI Holdings Bhd’s indirect-owned unit, ASteel Development Sdn Bhd (ADSB), will jointly develop a RM271.62 million affordable housing project with the Sarawak Housing Development Corporation (HDC).

ADSB is a wholly owned subsidiary of ASteel Resources Sdn Bhd, which in turn is 80.36 per cent owned by YKGI.

In a filing with Bursa Malaysia today, YKGI said the development project would comprise three phases, namely 426 units of Sri Pertiwi landed houses (334 intermediate and 92 corner units), 484 units of Sri Pertiwi affordable apartments and 96 units of affordable Spektra Medium apartments with community facilities on HDC’s land in Sungai Tengah, Kuching.

"ADSB shall plan, design, construct and complete the Sri Pertiwi houses, Sri Pertiwi apartments and Spektra Medium apartments with infrastructure and facilities within three years from the date of formal approval of the project by the state planning authority,” it said.

YKGI said the project is expected to contribute positively towards the earnings and net assets of the group and ADSB for the duration of the project. - Bernama