Reneuco to undertake housing project in Terengganu jointly with state government

KUALA LUMPUR (Dec 8): Reneuco Bhd (formerly known as KPower Bhd) has inked a joint venture agreement with the Terengganu government for the development of a mixed housing project in Kuala Nerus.

This state government had in August approved the development of the project on 49.92 acres of state land.

The project comprises 636 units of Type A affordable housing, 360 units of Type B affordable housing and commercial housing, said Reneuco in a bourse filing.

The gross development value for the project — with the exemption of Type A affordable housing — is RM293.76 million, the group said, adding that the development would be completed within 60 months.

Reneuco’s share price closed up half a sen or 1.92% at 26.5 sen on Thursday, valuing the group at RM143.84 million.