Protasco announces revision in public housing project awarded by Perbadanan Putrajaya

• In a filing with Bursa Malaysia, Protasco said the initial letters of award received by its wholly-owned subsidiary Protasco Development Sdn Bhd in July 2022 have been cancelled and replaced with new ones.

KUALA LUMPUR (Oct 23): Protasco Bhd (KL:PRTASCO) said on Wednesday that an affordable housing project awarded by Perbadanan Putrajaya in 2022 has been revised with a new name and with a lower number of units.

In a filing with Bursa Malaysia, Protasco said the initial letters of award received by its wholly-owned subsidiary Protasco Development Sdn Bhd in July 2022 have been cancelled and replaced with new ones.

The first project, previously named Projek Residensi Prihatin Keluarga Malaysia Putrajaya Melur has been renamed to Projek Residensi Madani Melur, with the number of units dropping from 688 to 654.

The second project, previously named Projek Residensi Prihatin Keluarga Malaysia Putrajaya Kenanga, has been renamed Projek Residensi Harga Bebas Kenanga, with the same number of units (984).

However, Protasco did not disclose the reason for the revision and whether there were any changes to the initial gross development cost of RM442.68 million.

In fact, the Residensi Prihatin Keluarga Malaysia project was also a replacement to the previous civil servant housing project awarded by Perbadanan Putrajaya in 2017, named the 1Malaysia Civil Servants Housing Programme.

In 2017, the project was to be undertaken jointly by Protasco Development with Kop Mantap Bhd, a wholly-owned subsidiary of the Royal Malaysia Police Cooperative Bhd, at a ratio of 51% and 49% respectively.

Shares of Protasco closed unchanged at 24 sen on Wednesday, giving the company a market capitalisation of RM116.52 million.

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