PROPERTY developer Ireka Corp Bhd is strengthening its foothold in the Terengganu state affordable housing scene after being conferred a letter of award (LOA) from Koperasi Permodalan Sahabat Terengganu Bhd (KOSAHABAT) for a RM58.3 mill development project.
This comes barely a week after the company was awarded development projects with an estimated gross development value (GDV) of RM468 mil comprising affordable and mixed housing developments in both Bandar Kerteh Jaya (Kertih) and Kampung Semayor (Kemasik) by the Terengganu state government.
In a filing on Bursa Malaysia today, IREKA said the project which would be undertaken by its wholly owned subsidiary Ireka Development (Terengganu) Sdn Bhd (IDTSB) as co-developer comprised affordable and mixed housing developments on a 9.75-hectare piece of land in Kampung Baru Kuala Abang which is situated in the Dungun district.
Construction works for the project is slated to commence on Dec 20 and due for completion on Dec 19, 2024. The development entails 284 home units and five commercial units with three home variants targeted at the B40 segment.
IREKA managing director Mohd Hasnul Ismar Mohd Ismail said the group has been focusing on collaborations with various parties in the development of affordable housing in Malaysia as such synergistic alliances and partnerships help reduce costs while accelerating the progress and availability of affordable housing for the needy.
The group has been rewarded by strategy of this nature with IREKA having successfully secured more than RM850 mil in construction jobs over the past five months.
“Over that period, our new management team and the new strategies put in place has grown IREKA’s order book from RM470 mil to more than RM1.36 bil thus enhancing our earnings visibility,” he enthused.
“These forward-looking steps also help us manage our cash flows and resources better as we take on more projects ahead.”
According to Mohd Hasnul, IREKA was keen on collaborative opportunities in mixed developments, especially in arrangements that will benefit the broader community such as this project with KOSAHABAT.
“With the assets and local knowledge of our partners, coupled with IREKA’s more than 50 years of experience and expertise in construction, engineering, and property development, we believe this is a win-win scenario for all,” he added.
At today’s mid-day trading break, Ireka was unchanged at 74 sen with 12.52 million shares traded, thus valuing the company at RM169 mil. – Dec 14, 2021
Photo credit: Malay Mail
