Trive Property Sdn Bhd (TPSB) signed a Memorandum of Understanding with Tenaga Meriah Sdn Bhd (TMSB), to formalise its appointment as the Turnkey Contractor (Design, Built & Completion Handover) for an SPNB affordable housing development project in Kuala Lumpur with Gross Development Value of RM1.1 billion.
TMSB has secured a Letter of Intent from SPNB Aspirasi Sdn Bhd (SPNB Aspirasi) to form a Joint Venture company (JVCo). TMSB will hold a substantial amount of shares in the JVCo.
The affordable housing development comprises of residential condominium/apartments towers (1,775 units) and a retail/commercial (50 units) central parking podium. It is located in KL, neighbouring communities of Desa Park City, Country Heights Damansara, Mont Kiara and Taman Tun Dr Ismail, with multiple accessibility including Sprint Highway (Sungai Penchala) and Desa Park City.
Kua Khai Shyuan, the Executive Director of Trive Property Group Berhad said that the mixed development of SPNB affordable homes is timely, especially house prices in Malaysia has increased significantly since 2012, affecting many house buyers.
“We are proud that we have the possibility to support the government’s initiative in making homes affordable for the Rakyat (people) as at the same time to receive the opportunity to be able to maximise the shareholders value of Trive Property Group Berhad,” Kua said.
SPNB Aspirasi, is a wholly owned subsidiary of Syarikat Perumahan Negara Berhad (SPNB), a Ministry of Finance Incorporated owned company under the supervision of Ministry of Finance. SPNB was recently awarded the Best Affordable Housing Developer in the recent Prestigious Developer Awards 2016 by Property Insight.