Permaju Industries Bhd is said to have clinched a RM1.2 billion construction contract for the development of over 7,000 apartment units in Selangor.
Citing construction industry sources, the New Straits Times (NST) reported that the contract was awarded by a reputable property developer who owns a large tract of land within the Seri Kembangan/Serdang area, around 15km of Cyberjaya and south of Kuala Lumpur city centre.
The highest building within the development will have more than 50 floors, potentially making it the tallest building in the Seri Kembangan/Serdang area.
To be built in the next six to seven years, the project is believed to have a gross development value of around RM2.4 billion, reported NST.
“The developer decided to kick-start construction after the Penjana plan was announced as they are now more confident in the market recovering. They received approval to develop the project last year but had put it on hold and feel now is a good time to re-start,” NST quoted the source as saying.
In June, Prime Minister Tan Sri Muhyiddin Yassin unveiled the RM35 billion National Economic Recovery Plan (Penjana) in a bid to revive the economy.
To encourage growth within the property sector, the Home Ownership Campaign (HOC) was reintroduced, in which stamp duty exemptions were offered on the instrument of transfer as well as loan agreement for the purchase of homes priced from RM300,000 to RM2.5 million.
Limited to the first RM1 million of the property’s purchase price, the exemption is applicable between 1 June 2020 and 31 May 2021.
The government also offered an exemption on real property gains tax (RPGT) to Malaysians for the disposal of up to three properties from 1 June 2020 to 31 December 2021.
Permaju, via its subsidiary companies, is involved in timber plantation, trading of motor vehicles, construction, and property development.
The company, through Hardie Development Sdn Bhd, developed a mixed housing estate in Kota Kinabalu, Sabah – known as Alam Puteri.