Putrajaya Corporation terminates development agreement with TRC Land

KUALA LUMPUR, Feb 28 — Putrajaya Corporation has terminated the development agreement for the affordable civil servant housing project (PPA1M) and related commercial development in Precinct 18 of Putrajaya with TRC Land Sdn Bhd.

The company is a  wholly-owned subsidiary of TRC Synergy Bhd and the agreement was entered into on July 24, 2017.

In a filing with Bursa Malaysia today, TRC Synergy said the termination was on the basis of national interest, consistent with the government’s initiatives, to consolidate the development of affordable housing under the Housing and Local Government Ministry.

“We respect Putrajaya Corporation’s decision and the group remains positive and open with regards to current and / or future joint development opportunities with the government, government agencies, as well as the private sector to support the country’s affordable housing agenda.

“Except for the costs and expenses incurred for the project, which is claimable under the agreement, the decision is not expected to have a material impact on the earnings, net asset and gearing of the company and the group for the financial year ending Dec 31, 2019,”  said TRC Synergy’s managing director, Tan Sri Sufri Mohd Zin.

He said the group continued to deliver resilient performance and sustainable growth despite the challenging business landscape.

Moving forward, Sufri said TRC Synergy would remain focused on executing the best strategies to meet the ever-evolving needs for existing and prospective clients. — Bernama

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