property

Ireka wins RM58.28mil housing project in Terengganu

Ireka Corp Bhd will develop an affordable and mixed housing development project on 9.75-hectares of government land in Dungun, Terengganu, for a provisional sum of RM58.28 million.

Its subsidiary, Ireka Development (Terengganu) Sdn Bhd (IDTSB), had accepted a letter of award (LoA) from Koperasi Permodalan Sahabat Terengganu Bhd (KoSahabat) to develop the project at Kampung Baru Kuala Abang through privatisation

IDTSB, which specialises in construction, engineering, and real estate development, will begin work on the project this month, with a completion date of December 19, 2024, according to a filing with Bursa Malaysia today.

This proposed development would consist of 284 houses and five commercial units aimed at the B40 market.

Ireka stated that following IDTSB's acceptance of the LoA, both parties will enter into a binding contract agreement outlining full details of the project's terms and conditions that are mutually agreed upon and acceptable to both parties within three months.

According to Ireka's managing director, Mohd Hasnul Ismar Mohd Ismail, this latest contract win reaffirms the company's commitment to providing affordable housing for Malaysia's underserved segments.

"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," he said.

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