Press Release by Trive Property Group
Trive Property Group signs MoU with Tenaga Meriah for SPNB Affordable Housing in KL with GDV of RM1.1 billion
Kuala Lumpur, October 20, 2017 – Trive Property Sdn Bhd (“TPSB”), has inked an Memorandum of Understanding (“MoU”) with Tenaga Meriah Sdn Bhd (“TMSB”), to formalize the understanding for its appointment as the Turnkey Contractor (Design, Built & Completion Handover) for an SPNB affordable housing development project in Kuala Lumpur with Gross Development Value of RM1.1 billion.
TPSB is a wholly-owned subsidiary of Trive Property Group Bhd (“TPGB”- Stock Code: 0118), which is listed on the Main Market of Bursa Malaysia.
TMSB, has secured a Letter of Intent from SPNB Aspirasi Sdn Bhd (“SPNB Aspirasi”) to form a Joint Venture company (“JVCo”). TMSB will hold a substantial shareholding in the said JVCo.
The affordable housing development will comprise of residential condominium/apartments towers (1,775 units) and a retail/commercial (50 units) central parking podium, strategically located in KL, neighbouring high-end reputable and matured communities of Desa Park City, Country Heights Damansara, Mont Kiara and Taman Tun Dr Ismail, just to name a few, with multiple accessibility including via Spint Highway (Sungai Penchala) and Desa Park City.
Kua Khai Shyuan, the Executive Director of Trive Property Group Berhad said that the mixed development of SPNB affordable homes bring timely good news to all, especially house prices in Malaysia has increased tremendously since 2012, affecting many house buyers.
“We are proud that we have the possibility to support the government’s initiative in making homes affordable for the Rakyat (people) as at the same time to receive the opportunity to be able to maximise the shareholders value of Trive Property Group Berhad,” Kua said.
SPNB Aspirasi, is a wholly owned subsidiary of Syarikat Perumahan Negara Berhad (“SPNB”), a Ministry of Finance Incorporated owned company under the supervision of Ministry of Finance. SPNB was recently awarded the Best Affordable Housing Developer in the recent Prestigious Developer Awards 2016 by Property Insight.
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