Fajarbaru Builder Group Bhd’s (FBG) unit, Fajarbaru Land (M) Sdn Bhd (FLM), has been appointed by Perbadanan Putrajayan (PPj) to be the developer of Residensi Cemara in Precinct 11, Putrajaya, which has a gross development value of RM192 million.
In a Bursa filing today, it said that FLM had accepted the letter of offer dated 23 January 2024 for Residensi Cemara, an integrated development comprising of 480 units Residensi Madani and 320 units Residensi Wilayah.
The development period is thirty-six months from the date of all the preconditions are met and the development agreement is signed between Perbadanan Putrajaya and FLM.
“The development is expected to contribute positively to the earnings and net assets of the group for the financial years ending 30 June 2025 onwards.
“It will have no material effect on the share capital and substantial shareholders’ shareholding of FBG,” the group said.
