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PR1MA's Real Estate Value On Malay Reserve Land Surges 10 Times

Last update: 16/08/2017PUTRAJAYA, Aug 16 (Bernama) -- The real estate value of the 1Malaysia People's Housing's (PR1MA) projects built on the Malay reserve land has risen more than 10 times from RM1.2 billion to RM13 billion over the years, PR1MA Corporation Malaysia Chief Executive Officer Datuk Abdul Mutalib Alias said.

He said the surge in the real estate value from RM1.2 billion before the development to RM13 billion upon its completion involved 61 PR1MA projects comprising 53,062 housing units nationwide.

With many more strategically located Malay reserve land available nationwide, he hoped PR1MA would be given the chance to develop them.

"This will not only increase its value but also create and stimulate economic activities, hence, contributing towards empowering the Bumiputera agenda,"he told reporters after attending a meeting between Datuk Seri Najib Tun Razak and PR1MA's Bumiputera partners, here today.

At the event, the Prime Minister announced that PR1MA has awarded contracts worth more than RM15 billion to 574 Bumiputera companies for various construction works, consultations and other support services for its projects nationwide.

Abdul Mutalib said that PR1MA was committed to providing equal opportunities to Bumiputera companies through the Vendor Development Programme to enable them to grow in the real estate and construction sectors, thus contributing to the Bumiputera empowerment agenda.

For construction-related contracts, he said PR1MA has given out contracts worth more than RM22.4 billion to its business partners, comprising developers, contractors and vendors.

"The Bumiputera portion of the construction works alone accounts for 62 per cent or RM12 billion of the contract value given out by PR1MA,"he said.

He said the PR1MA Corporation has so far approved the development of 267,902 housing units nationwide, of which 139,393 units were currently in various stages of construction.

Meanwhile, 9,791 PR1MA housing units with total sales value of RM2.36 billion have been sold so far, while 166,972 from over 1.47 million people, who have registered with PR1MA, have applied to purchase them, he added.

-- BERNAMA