KUALA LUMPUR (Jan 21): ACE Market-listed KTI Landmark Bhd (KL:KTI) is exploring a potential affordable housing project in Kota Kinabalu, Sabah, to be jointly developed with a state government agency.

KTI’s wholly owned unit KTI Sdn Bhd accepted a letter of intent in relation to the project from Sabah’s Housing and Town Development Authority on Tuesday, according to the integrated property developer’s bourse filing.

The project comprises developing 5,000 units of houses atop 57.25 hectares of land in Sepanggar district, subject to relevant authorities’ approvals on the development and building plans.

“The total estimated construction value of the project will be finalised upon the signing of the joint venture agreement,” it added.

Shares in KTI Landmark closed one sen or 2.33% higher at 44 sen, valuing the company at RM344 million.

The property developer listed on the ACE Market of Bursa Malaysia in June 2024. From its initial public offering price of 30 sen, the counter has gained 46.67%.