KUALA LUMPUR: Vizione Holdings Bhd, via its wholly-owned Vizione Builder Sdn Bhd, has partnered with Pan Sejati Development (M) Sdn Bhd (PSD) to develop Residensi Prihatin project in Putrajaya, with a gross development value of RM500 million.
In a statement today, Vizione said the project would comprise 2,500 strata units of affordable apartments together with infrastructure services, common facilities, common property and a connecting bridge.
It said earlier in July 2021, PSD was awarded the development rights to the project by Perbadanan Putrajaya, the administering authority of the federal territory.
Vizione managing director Datuk Ng Aun Hooi said the project was the company's fifth in 2021 and came on the heels of its recent contract win in August.
He said the project would strengthen the company's earnings visibility for the next three financial years.
"We are confident this Residensi Prihatin development will sell well given its strategic location in Precinct 7, a matured catchment of established residential and commercial areas.
"In fact, this project is within walking distance to the Putrajaya Sentral MRT station under the MRT Putrajaya Line or MRT 2, which is currently under construction with operation slated to begin in early 2023," he said.
Ng said Vizione was upbeat on the overall outlook of the construction and property development sectors in the coming year.
"Just yesterday, Malaysia reached the 80 per cent mark of fully vaccinated adult population, while the economy is also reopening.
"Adding to that, the construction industry is expected to benefit from the upcoming 12th Malaysian Plan with infrastructure projects likely to be announced as the government looks to further stimulate the economy and promote more job creation," Ng added.