KUALA LUMPUR: Construction and property developer Fajarbaru Builder Group Bhd has withdrawn from the affordable housing project in Putrajaya known as Residensi Cemara, which was valued at about RM192 million.
In a filing with Bursa Malaysia Securities today, the company did not provide a reason for the withdrawal.
According to Fajarbaru, Perbadanan Putrajaya has accepted the exit of its subsidiary, Fajarbaru Land (M) Sdn Bhd, from its role as the project's developer. Fajarbaru Land had initially accepted the appointment to develop Residensi Cemara on January 24 this year following an offer from Perbadanan Putrajaya.
The project includes 480 units of Residensi Madani and 320 units of Residensi Wilayah, with a development period of three years.
As part of a government-sponsored housing programme, the Residensi Cemara development was expected to positively impact Fajarbaru's earnings starting from the financial year ending June 30, 2025.