KUALA LUMPUR: Ireka Corp Bhd's unit Ireka Development (Terengganu) Sdn Bhd has accepted a RM58.3mil contract from Koperasi Permodalan Sahabat Terengganu Bhd (Kosahabat) to develop through privatisation an affordable and mixed housing development in Kuala Abang in Dungun, Terengganu.

       In a statement, it said the proposed project will see the development of 284 home units and five commercial units over the next three years. The three home variants to be built are targeted at the B40 segment.

       The project commences on Dec 20, 2021 and is scheduled for completion on Dec 19, 2024.

       According to Ireka managing director Mohd Hasnul Ismar Mohd Ismail, the group has been focusing on collaborations with various parties in the development of affordable housing in Malaysia, such as Kosahabat.

       He added that these synergistic alliances and partnerships help reduce costs while accelerating the progress and availability of such affordable housing for those that need them.

       “This latest contract win reaffirms the Group’s commitment to providing affordable housing for the underserved segments in Malaysia, and will continue to be a significant contributor to the nation’s property development sector.

       "Over the years and before the COVID-19 pandemic, there was an obvious mismatch in the pricing and affordability. Hence, it is IREKA’s vision to build affordable homes that can assist the B40 segment in becoming homeowners," said Mohd Hasnul in a statement.

       He added that Ireka has successfully secured more than RM850mil in construction jobs in the last five months, bringing its order book to RM1.36bil.