PETALING JAYA: Trive Property Sdn Bhd (TPSB) has inked a Memorandum of Understanding with Tenaga Meriah Sdn Bhd (TMSB) to formalise the understanding for its appointment as the Turnkey Contractor (Design, Built & Completion Handover) for an SPNB affordable housing development project in Kuala Lumpur with a gross development value (GDV) of RM1.1bil.

According to the statement, 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 JVCo.

The affordable housing development will comprise 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.

The development offers multiple accessibility including via Spint Highway (Sungai Penchala) and Desa Park City.

Trive Property Group Bhd executive director Kua Khai Shyuan said the mixed development of SPNB affordable homes bring timely good news to all, especially since house prices in Malaysia has increased tremendously since 2012 and hence affecting many house buyers.

“We are proud that we can 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 shareholder's value of Trive Property Group Bhd,” Kua added.

TPSB is a wholly-owned subsidiary of Trive Property Group Bhd.