Kuala Lumpur-Based Company To Undertake Lahad Datu PPR For RM63.7M

For illustration only. a low cost housing project in Kuala Lumpur.

KOTA KINABALU: The People’s Housing Project (PPR) in Lahad Datu will be undertaken by Vizione Holdings Bhd’s unit, Vizione Construction Sdn Bhd (VCSB) for RM63.7mil.

The construction and property development firm said its unit Vizione Construction Sdn Bhd (VCSB) had received a subcontract from Permata Rebana Sdn Bhd to undertake main building and associated works for the project in Mukim Sapagaya.

According to a report in the Star, Vizione (formerly Astral Supreme Bhd) said construction of the 410-unit flat was expected to begin this quarter and be completed in 26 months.

“As a relatively new player in the construction sector, the award provides an opportunity for the group to enhance its credentials in the construction segment and open up new opportunities in the state of Sabah,” said the Kuala Lumpur-based company.

The source of funding would be through proceeds from a rights issue and internally generated funds, it added.

Last month Vizione announced that it had raised gross proceeds of about RM58.29mil from its rights issue with free attached warrants, which would be used for construction projects.