Ireka Development (Terengganu) Sdn Bhd (IDTSB), a wholly-owned subsidiary of property developer Ireka Corporation Bhd (ICB), received a letter of award (LoA) from Koperasi Permodalan Sahabat Terengganu Bhd (PSTB) for an RM58.3 million development project in Terengganu today.
With this latest contract win, ICB managing director Mohd Hasnul Ismar Mohd Ismail reaffirms the company’s commitment to providing affordable housing for Malaysia’s underserved segments.
“It will continue to be a significant contributor to the nation’s property development sector.
“Over the years and before the Covid-19 pandemic, there was an apparent mismatch in the pricing and affordability.
“Hence, it is ICB’s vision to build affordable homes that can assist the B40 segment in becoming homeowners,” he said in a statement today.
In a filing on Bursa Malaysia today, ICB said the project comprised affordable and mixed housing developments on a 9.75 hectare and in Kampung Baru Kuala Abang, Mukim Kuala Abang, Daerah Dungun in Terengganu.
IDTSB is the appointed co-developer for this project.
Construction works for the project are slated to commence on December 20, 2021, and are expected to be completed on 19 December 2024.
This development in Kuala Abang will see 284 home units and five commercial units over the next three years.
The B40 segment will be served by the three home variants that will be built. Type A (61 units), Type B (93 units), and single-storey terrace houses are the three types (130 units).
According to Hasnul the company has been focusing on collaborations with various parties to develop affordable housing in Malaysia, such as PSTB.
