BUSINESS

WZ SATU TO RECOMMENCE PR1MA PROJECT WORTH RM219 MLN MLN GDV IN KUANTAN

08/12/2021 09:31 PM

KUALA LUMPUR, Dec 8 -- WZ Satu Bhd is recommencing a 1Malaysia Housing Programme (PR1MA) project in Kuantan, Pahang, known as PR1MA D’Marina Residency, to support the government in delivering more affordable houses.

Sinergi Dayang Sdn Bhd, an indirect wholly-owned subsidiary of WZ Satu, today entered into a joint development agreement with PR1MA Corporation to jointly carry out and undertake the development of Phase 2 of the project, which has an estimated gross development value (GDV) of RM219 million over four to five years.

In a statement to Bursa Malaysia, WZ Satu chairman Tan Sri Norza Zakaria said PR1MA development projects form part of the government’s efforts to provide sustainable housing and community living in urban areas in Malaysia.

“Therefore, we are pleased to exercise our corporate strategic responsibility to help the target group enhance their chances of owning a home amidst rising property prices.

“Sinergi Dayang shares the same mission with PR1MA Corporation, which is to plan, develop and provide affordable and high-quality homes inspired by modern living concepts for middle-income Malaysians,” he said. 

The Phase 2 project comprises 763 units of double-storey terrace houses and other components such as amenities and relevant infrastructure.

The project will take 54 months to complete from the construction commencement date in July 2022.

“Upon commencement of the Phase 2 project, this proposed joint development may result in the contribution of 25 per cent or more of net profit to the Group.

“It is therefore expected to contribute positively to the future earnings and improve the financial performance of the Group throughout the duration of this project,” said WZ Satu. 

-- BERNAMA


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