KUALA LUMPUR: Ireka Corp Bhd's subsidiary, Ireka Development (Terengganu) Sdn Bhd (IDTSB), has secured development projects with an estimated gross development value (GDV) of RM468 million from the Terengganu state government.
These projects comprise affordable and mixed housing developments in Bandar Kerteh Jaya, Kertih and Kampung Semayor, Kemasik.
IDTSB will be the developer for the two projects.
Ireka managing director Mohd Hasnul Ismar Mohd Ismail said these developments would generate jobs and opportunities in Terengganu, with approximately RM120 million in development value being given to local contractors.
"The projects will also contribute RM34.7 million in development funding to the Terengganu state government," he said in a statement.
According to Hasnul, the bulk of the developments focus on affordable housing, with 90 per cent of the homes being built priced at below RM300,000.
Through these developments, Hasnul believes Ireka will emerge as the developer who pioneers affordable and mixed housing development in Terengganu.
"The purpose is to provide affordable homeownership in Terengganu.
"Aside from these affordable home units, Ireka will also ensure that these projects come with amenities like suraus, shop lots, offices, petrol stations, and other essential needs," he said.
Meanwhile, Hasnul said the development would also drive earnings recovery for Ireka and provide earnings visibility for the property development segment over the next six years.
"Going forward, Ireka is keen to seek more collaborative opportunities in mixed developments, especially in arrangements that also benefit the broader community," he added.
Ireka will undertake the projects in two separate plots, one in Bandar Kerteh Jaya, Kertih, which covers 80.9 hectares of land, and another 4.7 hectares in Kampung Semayor, Kemasik.
Both Ireka and the Terengganu state government are confident that the development will help drive the state's economic recovery, as the development involves the allocation of works to local contractors.