KPower Berhad announced that the Terengganu State Government via Pejabat Setiausaha Kerajaan Terengganu has given approval to the company’s wholly owned subsidiary KPower Development Sdn. Bhd., to develop affordable and mixed housing development on government owned land in its new administrative centre of Kuala Nerus.
The RM300 million development 8.963 hectares will consists of approximately 1,200 units consists of affordable, mixed housing and commercial units would be developed simultaneously. The parties expect to enter into definitive agreements within six months from the approval date.
Executive Chairman, Mustakim Mat Nun said “Kuala Nerus has all the characteristics to be a model of a modern city, with a sustainable administrative center while offering environmentally friendly facilities. Hopefully, this project will provide comfort to the people of Kuala Nerus district, improve safety and benefit the surrounding residents.”
“The State Government’s focus on affordable housing and its various initiatives and incentives to the construction sector is highly welcomed and admired.”
To recap, the Terengganu State Government had decided to waive development fees for privatised affordable housing projects built on public property starting April 2022. The waiver helps to reduce the cost of rising prices of construction materials faced by industry players.