Trive enters MoU for RM1.1b housing project

by TMR

Trive Property Group Bhd has entered into an agreement with Tenaga Meriah Sdn Bhd (TMSB) in relation to an affordable housing project with a gross development value of RM1.1 billion from Syarikat Perumahan Negara Bhd (SPNB).

The memorandum of understanding (MoU) was reached via its property unit, Trive Property Sdn Bhd.

The company will undertake the project located at Desa Park City — comprising 1,775 condominium and apartment units, and 50 retail and commercial units.

TMSB will also form a joint-venture (JV) company with SPNB’s wholly owned subsidary, SPNB Aspirasi Sdn Bhd, with the former to hold a substantial shareholding in the JV firm.

The company’s share price closed flat on a three-month high yesterday at 20 sen, with 35.49 million shares traded.