KUALA LUMPUR (July 22): Builder Protasco Bhd said a civil servant housing project with a gross development cost of RM442.68 million it was awarded by Perbadanan Putrajaya five years ago has been revised to affordable housing for low-income earners.

In a filing with Bursa Malaysia on Friday (July 22), Protasco said its wholly-owned subsidiary Protasco Development Sdn Bhd has received a Letter of Award (LOA) from Perbadanan Putrajaya to develop the project now known as Residensi Perihatin Keluarga Malaysia.

Under the new scheme, Protasco is tasked with constructing 688 units of apartments under 'Residensi Perihatin Keluarga Malaysia Putrajaya, Melur' and 984 units of apartment under 'Residensi Perihatin Keluarga Malaysia Putrajaya, Kenanga'.

Protasco did not disclose the reason for the revision and the development progress after five years since it was first awarded the project in December 2017.

However, the group said this project is expected to contribute positively to its future earnings.

According to the Residensi Perihatin Keluarga Malaysia website, it is an affordable home programme for the lower-income group who are born, residing and working in the Federal Territories of Kuala Lumpur, Putrajaya and Labuan.

The programme is expected to build as many as 10,000 houses over a three-year period between 2021 and 2024.

Protasco on Dec 21, 2017 announced that it had received an LOA from the Prime Minister’s Department to construct 1,681 apartment units in Putrajaya under the 1Malaysia Civil Servants Housing Programme.

Protasco then said it will undertake the project jointly with Kop Mantap Bhd, whereby Protasco will hold a 51% stake in the joint venture and Kop Mantap the remaining 49% equity interest.

Shares of Protasco closed half sen or 3.1% higher at 16.5 sen on Friday, giving it a market capitalisation of RM81.74 million.