Trive Property aborts talks to build SPNB project worth RM1.1b

• Trive Property said its unit Trive Property Sdn Bhd (TPSB) has sent a letter to SPNB’s wholly owned subsidiary Tenaga Meriah Sdn Bhd (TMSB) to abort the Memorandum of Understanding (MOU) they had entered into in 2017 to facilitate talks on the matter.

KUALA LUMPUR (Sept 7): Trive Property Group Bhd announced that it has cut off talks with Syarikat Perumahan Negara Bhd (SPNB) in relation to being a turnkey contractor for an affordable housing project amounting to RM1.1 billion in gross development value (GDV).

In a bourse filing on Wednesday, Trive Property said its unit Trive Property Sdn Bhd (TPSB) has sent a letter to SPNB’s wholly owned subsidiary Tenaga Meriah Sdn Bhd (TMSB) to abort the Memorandum of Understanding (MOU) they had entered into in 2017 to facilitate talks on the matter.

“As the MOU is non-binding, the company is of the view that TPSB and TMSB shall have no whatsoever claims against each other arising from the MOU.

“The termination of the MOU is not expected to have any material financial impact on the company for the financial year ending July 31, 2023 (FY23),” it noted, without disclosing the reason for the termination.

This comes nearly five years after the pair inked the MOU on Oct 19, 2017 to negotiate exclusively for the proposed appointment of Trive Property as the project’s turnkey contractor with the intention to finalise and enter into a definitive agreement for the award.

Previously, Trive Property said that the development would comprise residential condominium and apartment towers housing 1,775 units, 50 units of retail and commercial space, and a central parking podium.

The company said the development was to be strategically located in Kuala Lumpur, neighbouring high-end reputable and mature communities of Desa ParkCity, Country Heights Damansara, Mont'Kiara and Taman Tun Dr Ismail.

In a separate filing, Trive Property said TPSB has also terminated an MOU with Hubei Guang Bo New Energy Co Ltd, which pertained to a collaboration to research, develop, produce, assemble, distribute and market power generation systems including both off-grid/ grid-connected wind power generation system as well as wind-solar complementary power generation system.

Likewise, Trive Property said that the termination of this MOU is also not expected to have any material financial impact on the company for FY23.

Shares in Trive Property finished unchanged at five sen, giving the company a market capitalisation of RM63.18 million.