Protasco Bhd (KL) announced a revision of its affordable housing projects in Putrajaya, initially awarded in 2022 by Perbadanan Putrajaya. In a filing with Bursa Malaysia, Protasco disclosed that its subsidiary Protasco Development Sdn Bhd has received updated letters of award replacing the previous agreements, revising the project names and slightly reducing the units.
The project previously known as Projek Residensi Prihatin Keluarga Malaysia Putrajaya Melur is now named Projek Residensi Madani Melur, with a reduced unit count from 688 to 654. Meanwhile, Projek Residensi Prihatin Keluarga Malaysia Putrajaya Kenanga has been renamed Projek Residensi Harga Bebas Kenanga, maintaining its original 984 units.
Background and Project History
The initial Residensi Prihatin Keluarga Malaysia project replaced the 1Malaysia Civil Servants Housing Programme awarded in 2017, which was a joint venture between Protasco Development and Kop Mantap Bhd of the Royal Malaysia Police Cooperative Bhd, with ownership stakes of 51% and 49%, respectively. The projects aimed to provide affordable housing options for civil servants and other residents.
Protasco did not comment on whether these revisions will impact the project’s initial RM442.68 million gross development cost. Shares of Protasco remained steady at 24 sen on Wednesday, giving the company a market capitalization of RM116.52 million.
This development marks another step in Putrajaya’s evolving affordable housing landscape, reflecting updates aligned with government priorities for accessible housing under Residensi Madani initiatives.
