KUALA LUMPUR: Tiger Synergy Bhd's wholly-owned subsidiary Tiger Synergy Housing Development Sdn Bhd (TSHDSB) has secured a RM1 billion affordable housing project from Elite Community Sdn Bhd (ECSB).

In a filing to Bursa Malaysia today, the company said the project involved a proposed development of 5,000 units of affordable homes consisting of apartment units together with all the necessary amenities, utilities, facilities and infrastructures in Seremban, Negri Sembilan.

It said the project comprises 15 blocks of 21-storey apartments.

The project is expected to increase the construction order book and contribute positively to both the revenue and profits of the construction division of the group, it said.

Tiger Synergy said the sale proceeds of the proposed development will also contribute positively to the profits of its property development division, in addition to reducing the group's gearing ratio.

Tiger Synergy said ECSB and TSHDSB are expected to execute a definitive agreement within three months from the date of the letter of intent.

It said planning approval of the project will be submitted upon final design review and approvals from all the relevant authorities and are expected to be obtained within 12 months and, construction works will commence upon receiving the building plan approval.