News

Tenaga Meriah Inks MoU As Turnkey Contractor For SPNB Project

Last update: 19/10/2017

KUALA LUMPUR, Oct 19 (Bernama) -- Trive Property Sdn Bhd (TPSB) has inked a memorandum of understanding (MoU) with Tenaga Meriah Sdn Bhd (TMSB) as the turnkey contractor for a Syarikat Perumahan Negara Bhd (SPNB) housing development project in Kuala Lumpur.



TPSB is a wholly-owned subsidiary of Trive Property Group Bhd.



In a statement, TPSB said the projects Gross Development Value is RM1.1 billion and it had secured a letter of intent from SPNB Aspirasi Sdn Bhd to form a joint venture company (JVCo).



TMSB will hold a substantial shareholding in the JVCo.



The project will comprise a residential condominium/ apartment towers (1,775 units) and a retail/commercial (50 units) central parking podium.



It neighbours the reputable and matured communities of Desa Park City, Country Heights, Damansara, Mont Kiara and Taman Tun Dr Ismail, amongst others.



"The mixed development of SPNB affordable homes bring timely good news to all, especially with house prices in Malaysia having increased tremendously since 2012.



"We are proud to support the government's initiative in building houses for the people and at at the same time, have an opportunity to maximise shareholders value for the group," said Trive Property Group Executive Director, Kua Khai Shyuan.



SPNB Aspirasi is a wholly-owned subsidiary of SPNB, a Ministry of Finance Incorporated-owned company, under the supervision of Ministry of Finance.



-- BERNAMA