Reneuco, Terengganu state government to build 1,200 houses in Kuala Nerus

RENEUCO Bhd’s unit has inked a joint venture agreement with the Terengganu state government and Perbadanan Memajukan Iktisad Negeri Terengganu (PMINT) to develop a mixed housing project in Kuala Nerus.

In a bourse filing yesterday, Reneuco said its unit Reneuco Development Sdn Bhd, formerly known as KPower Development Sdn Bhd, has obtained approval to undertake build 1,203 houses, including 656 units of affordable houses, on 49.92 acres of state land. 

The project’s  gross development value, with the exception of 276 units of Type A affordable housing, is RM293.76 million, the group said.

Shares of Reneuco, formerly known as KPower Bhd, was up half a sen, or 1.92%, at 26.5 sen today, representing a market capitalisation of RM144 million. – TMR / graphic TMR