Gabungan AQRS, PR1MA to build 1,065 homes in Kuantan

GABUNGAN AQRS Bhd has inked a joint development agreement (JDA) with PR1MA Corp Malaysia to build 1,065 houses in Kuantan, Pahang, with a projected gross development value (GDV) of RM335.95 million.

The JDA is to develop and construct residential units together with all the necessary amenities, utilities, facilities and infrastructures on a land measuring approximately 100.83 acres (40.8ha), it said in an exchange filing yesterday.

PR1MA had agreed to grant the exclusive right to develop the land, the filing added.

The project involves the building of single-storey terraced and single-storey semi-detached housing in three phases with 320 units in the first phase, 328 units in the second and 417 units in the third phase.

In a research note today, MIDF Amanah Investment Bank Bhd has maintained a ‘Buy’ for Gabungan AQRS with an unchanged target price of 53 sen.  Gabungan AQRS’ stock ended yesterday’s trading at 27.5 sen, giving it a market capitalistion of RM146.5 million. — TMR / pic Muhd Amin Naharul