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KUALA LUMPUR, Aug 10 (Bernama) -- KPower Bhd's wholly-owned subsidiary, KPower Development Sdn Bhd (KDSB), has received approval to develop affordable and mixed housing development valued at RM300 million on Terengganu's government-owned land in its new administrative centre in Kuala Nerus.
The approval was granted by the Terengganu state government via the State Secretary’s Office (Housing Division).
The project, located at Lot 100677 spanning 8.963 hectares (ha) and 100678 covering 9.996ha in Kuala Nerus Administrative Area, will comprise 1,200 units of affordable, mixed housing and commercial units, to be developed simultaneously.
KPower said the parties are expected to enter into definitive agreements within six months from the approval date.
"We believe our value proposition incorporating sustainability, enhancing existing water elements with the theme of vibrant and comfortable living fits perfectly with the state’s Kuala Nerus Administrative Centre Special Area Plan overall concept of Modern and Green City," said KPower's executive chairman Mustakim Mat Nun.
To recap, the Terengganu state government had decided to waive development fees for privatised affordable housing projects built on public property starting April 2022.
The waiver helps to reduce the cost of rising prices of construction materials faced by industry players.
KPower added that the execution of this agreement is expected to contribute positively to the group’s future financial position.
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