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SECOND-board listed Zecon Bhd has announced plans to develop a RM2 billion residential and township development near Kuching in Sarawak.
The company's subsidiary, Zecon Land Sdn Bhd, has obtain
ed a provisional approval from the state planning authority of Sarawak for the development of a 2,000 acre piece of land in Semenanjung Demak, approximately 6km from Kuching.
On the first plot measuring 500 acres, the company intends to construct over 4,000 low-to medium-cost terrace houses and related infrastructure for the state’s housing scheme under Syarikat Perumahan Negara Bhd (SPNB). Total development cost is expected to be approximately RM613.9 million. On the remaining 1,500 acres of land, a township comprising a mixture of commercial, office and residential properties will be developed, with a gross development value (GDV) of about RM1.6 billion.
Zecon’s group managing director and chief executive officer Datuk Zainal Abidin Ahmad said, “We look forward to starting the project soon, as this will not only bring about unlocking of the value of our land assets but also accelerate the revenue contribution from our construction division.”
SPNB will be undertaking the sales and marketing initiatives for the affordable housing project, which is expected to be completed in three years. Site clearance and earthworks on the development have already commenced.
Zecon and its group of companies are a leading integrated construction and infrastructure group. The group's main activities include foundation engineering, civil engineering, building works, construction of highway and water infrastructure, property development, and toll concession
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