NWP to build 3855 subsidised homes

NWP to build 3855 subsidised homes

September 10, 2016 0 By WFTV

KUALA LUMPUR — It is a welcome news for people looking for affordable houses as 3,855 more units of Rumah Aspirasi Rakyat costing RM744 million will be built in six towns nationwide and completed within four years.

NWP Holdings Bhd (NWP), which is listed on the main market of Bursa Malaysia, is spearheading its diversification efforts through its wholly-owned subsidiary NWP Builders Sdn Bhd (NWP Builder), which landed a RM744 million turnkey contract from M2BW Sdn Bhd (M2BW).

The first three projects will be built in the towns of Kuala Krai, Kota Bharu and Ketereh in Kelantan, while the remaining three will be built in Sandakan (Sabah), Pekan (Pahang) and Ampang (Selangor).
The units will fetch 10 per cent to 15 per cent lower than the market prices and three of the projects, namely in Kota Bharu, Ampang and Pekan, will take off the ground within the next six months.

The first three projects are located in the state of Kelantan, namely Kuala Krai, Kota Bharu and Ketereh.

The other three projects are in Sandakan, Sabah; Pekan, Pahang and Ampang, Selangor.

“We believe that this turnkey construction agreement would be the key element in diversifying NWP’s business portfolio to include construction business.

“This will provide an alternative source of income for the group. The agreement is expected to contribute positively to the future earnings of the group and hence, beneficial to the shareholders and other stakeholders of NWP,” said Lau.

He said although this project is the company’s maiden development project, it will not be the first for its management.

Besides NWP Builder, the group consists of three other subsidiaries NWP Industries Sdn Bhd in the manufacturing and selling of timber and timber products, provision of kiln drying services and trading of agricultural produce; DMKT Timber Sdn Bhd, a logging contractor and provision of forest management services and NWP (M) Sdn Bhd, which is in the provision sawmilling services and agricultural produce business to the Group.

M2BW chief executive officer Datuk Seri Sunny Ung Eng Huat said all six projects are owned by SPNB and PRIMA, and NWP will be the sole company responsible for all the stages of the construction project, including the design and the building processes.

Sunny said the government is subsidising the 10%-15% reduction in the selling prices of the houses, with funds through the government linked company SPNB.

He said one of the projects is in Ampang, where it will be impossible to build landed properties, thus the project will involve only high rise buildings.

“This will be for those who have to reside in the city due to their work commitments,” he said.

Sunny did not reveal the size of the houses or apartments, nor the value of the project for M2BW.

 

PHOTO CAPTION: NWP director Professor Datuk Dr Dominic Lau Hoe Chai said the turnkey construction agreement encompasses the construction of the six projects under the Syarikat Perumahan Negara Malaysia (SPNB) as well as the Perbadanan PRIMA Malaysia (PRIMA).