PETALING JAYA: WZ Satu Bhd is recommencing a Perumahan Rakyat 1Malaysia (PR1MA) housing project in Kuantan, Pahang, also known as the PR1MA D’Marina Residency project.
Sinergi Dayang Sdn Bhd, an indirect wholly owned subsidiary of WZ Satu, has this week entered into a joint development agreement (JDA) with PR1MA Corp to jointly carry out and undertake the development of Phase 2 of this project, which has an estimated gross development value of RM219 million over four to five years.
For some history, back in 2016, Barisan Arena and PR1MA Corp first appointed Sinergi Dayang to construct and complete a proposed mixed development comprising 2,426 units of PR1MA homes together with 69 retail units for this project.
Following that, an announcement was made on Dec 16, 2019, where Sinergi Dayang had entered into a supplemental agreement for the Master En-Bloc Purchase Agreement with PR1MA and Barisan Arena Sdn Bhd for the recommencement of this project.
Upon commencement of this Phase 2 project, this proposed joint development may result in the contribution of 25% or more of the net profits to the group.
It is therefore expected to contribute positively to the future earnings and improve the financial performance of the group throughout the duration of this project.
“PR1MA development projects form part of the government’s efforts to provide sustainable housing and community living in urban areas in Malaysia. Therefore, we exercise our corporate responsibility to help the target group enhance their chances of owning a home amidst rising property prices. Sinergi Dayang shares the same mission with PR1MA Corp, which is to plan, develop and provide affordable and high-quality homes inspired by modern living concepts for middle-income Malaysians,” said WZ Satu chairman Tan Sri Norza Zakaria.
The Phase 2 project comprises of 763 units of double storey terrace house and other components such as amenities and relevant infrastructure. The total completion period for this project shall be 54 months from the construction commencement date of July 2022.
Save for the financial commitment requirement for the implementation and completion of this project, the group is not expected to incur any additional financial commitment in relation to this development. The financial commitment requirement for this project will be funded by a combination of internally generated funds or borrowings, where the actual proportion will be determined at a later date.
Location wise, the Phase 2 Project is located at Permatang Gaharu, Kawasan Sungai SOI/Sungai Belat, Bunut Rendang, Kuantan, Pahang. Its location enables residents to gain an easy access to Jalan Tanjung Lumpur, Jalan Tanah Putih, Jalan Gambang, Jalan Pekan-Kuantan, and the East Coast Highway, as well as various prime locations and landmarks.