WZ Satu Bhd will develop phase 2 of PR1MA D’Marina Residency in Kuantan, Pahang, as part of the Perumahan Rakyat 1Malaysia (PR1MA) housing project, starting next year.

Sinergi Dayang Sdn Bhd, its indirect wholly-owned subsidiary, entered into a joint development agreement yesterday with the Ministry of Housing and Local Government (KPKT) through PR1MA Corp for the phase 2 development.

According to a stock exchange filing, the estimated gross development value (GDV) for phase 2 is RM219 million. It will include 763 double-story terraced houses and amenities and relevant infrastructure.

Work is set to begin in July of next year and will be completed on December 31, 2026.

Phase 1 of PR1MA D’Marina Residency project is currently 71.63 per cent complete.

Sinergi Dayang is also developing phase 1, which has a GDV of RM108.97 million. It has 523 units, and 96 per cent of them have been sold.

Tan Sri Norza Zakaria, chairman of WZ Satu, stated that the PR1MA development project is part of the government’s efforts to provide sustainable housing and community living in Malaysia’s urban areas.

“We are pleased to exercise our corporate strategic responsibility to assist the target group in improving their chances of owning a home in the face of rising property prices,” he said.

According to Norza, Sinergi Dayang shares the same mission as PR1MA: to plan, develop, and provide affordable and high-quality homes inspired by modern living concepts for Malaysians in the middle-income bracket.

He said that phase 2 of this proposed joint development could generate a net profit of 25 per cent or more for the company.

He anticipates that the contribution to future earnings will improve the company’s financial performance throughout this project.

According to Norza, the collaboration with PR1MA may be extended to Phase 3 depending on demand.

Datuk Seri Reezal Merican Naina Merican, Minister of KPKT, said the government would increase construction through agencies under his ministry to meet the increased demand for quality affordable housing, particularly in strategic locations that are rapidly developing.

The 12th Malaysia Plan has set a goal of constructing more than 500,000 affordable houses.

Source: NewStraitsTimes, Sharen Kaur/December 9, 2021

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