SC Estate Builder signs agreement with three Firms for affordable housing in Kedah

KUALA LUMPUR: SC Estate Builder Bhd’s (SCBB) wholly-owned subsidiaries, SC Estate Construction Sdn Bhd and SC Estate IBS Sdn Bhd, have entered into a collaboration agreement (CA) with three parties to develop a construction project comprising 510 units of affordable houses in Bandar Alor Setar, Kedah.

In a Bursa Malaysia filing, SCBB said the CA will be with RMM Maju Malaysia Sdn Bhd as the developer, Visi Sempena Sdn Bhd as the design and build contractor, Anjung Meriah Sdn Bhd as the engineering, procurement, construction and commissioning (EPCC) and Bumiputera contractor.

"SC Estate IBS will be responsible for supplying 40 per cent of the GDC of the construction materials and Industrial Building System or IBS to the development amounting to RM84 million,” SCBB said in a filing with Bursa Malaysia.

SCCB said the development will be on a piece of land measuring approximately 7,345.5646 square metres, which will be developed phase by phase.

It said the development, in line with the group’s strategies and environmental, social, and governance (ESG) initiative, targets to build 2,000 megawatt (MW) to 3,000 MW of solar power plants for multiple effect solutions on climate change in Malaysia and ASEAN member countries.

The project’s total gross development value (GDV) is RM252 million.

"The collaboration is expected to contribute positively to the future profitability of the group,” it added.

Meanwhile, in a separate Bursa filing, SCBB said its unit, SC Estate Construction, has entered into a joint venture agreement with Anjung Meriah Sdn Bhd to collaborate and participate as a consortium in the Large Scale Solar (LSS) Programme (LSS Petra 2024).

"Anjung Merah will hold a 60 per cent stake in the consortium, while SC Estate Construction will hold the remaining 40 per cent,” it said.

SCBB said SC Estate Construction shall be responsible for investing and securing Solar Power Plants through tender and related projects and Solar Power on the Roof projects and related business projects for residential, commercial and industrial buildings.

"Anjung Merah will be responsible for securing and implementing the Solar Power Plant and Solar Power on the Roof projects according to the EPCC contract conditions signed for residential, commercial and industrial buildings.

"The joint venture agreement will provide an opportunity to strengthen the company’s financial earnings via the joint venture project,” SCBB added. - Bernama