Reneuco Bhd’s wholly-owned subsidiary Reneuco Development Sdn Bhd (RenDev) plans to build residential and commercial properties in Terengganu with a projected gross development value of RM293.8 million.

The proposed affordable and mixed housing development would be built on government land in Kuala Nerus.

RenDev has been given the go-ahead for the proposed development by the Terengganu state government, according to Reneuco in a stock exchange filing today.

It stated that RenDev had entered into a joint venture agreement for the proposed development on December 7, 2022, with Pejabat Setiausaha Kerajaan Negeri Terengganu, acting on behalf of the State Government of Terengganu, and Perbadanan Memajukan Iktisad Negeri Terengganu (PMINT), to govern the rights and responsibilities of the parties in implementing and carrying out the proposed development.

The development will be carried out on two plots of land namely, Lot PT 100677 (22.65 acres), and Lot PT 100678 (24.27 acres).

It will have two-storey terrace homes and RMM (rumah mampu milik) Type A and Type B apartment units, which will be built concurrently with the commercial component.

The GDV of RM293.8 million is with the exemption of RMM Type A, involving 276 units of apartments (800 square feet), it said.

The Terengganu State Government and PMINT will be in charge of selling every building unit for RMM Type A and RMM Type B, as well as choosing the buyers.

“All pricing for the sale of the RMM building units to the buyers in the sale and purchase agreement shall be set and determined by the Terengganu State Government and PMINT only,” it said.

Other than RMM, RenDev will operate and oversee the sale of all building units.

Once all relevant approvals and permissions have been obtained, RenDev shall start the construction works 60 days from the approval date of the building plans and specifications that are accepted by the company.

The proposed development shall be developed and completed by Reneuco within 60 months, according to the filing.

Source: New Straits Times, 8 December 2022.

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