Fajarbaru pulls out of RM192m affordable housing project in Putrajaya

• These units are part of the government-sponsored housing programme.

KUALA LUMPUR (Nov 11): Construction and property development outfit Fajarbaru Builder Group Bhd (KL:FAJAR) has pulled out from participating in the affordable housing development in Putrajaya dubbed Residensi Cemara, which is estimated to have a gross development value of RM192 million. No reason was given.

In a filing with Bursa Malaysia on Friday, Fajarbaru said Perbadanan Putrajaya has accepted its wholly owned subsidiary Fajarbaru Land (M) Sdn Bhd's withdrawal as the developer for the proposed development.

Fajarbaru Land had on Jan 24 this year accepted a letter of offer from Perbadanan Putrajaya in respect of the appointment of Fajarbaru Land as the developer for Residensi Cemara, comprising 480 units of Residensi Madani and 320 units of Residensi Wilayah, with a development period of three years. These units are part of the government-sponsored housing programme.

The proposed development was expected to contribute positively to Fajarbaru's earnings for the financial years ending June 30, 2025 onwards.

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