26 April 2019
PLB said the MoU was in support of the Malaysia’s National Housing Policy on affordable housing and complemented China-Malaysia economic and trade cooperation for mutual benefits, which would improve the bilateral political and economic relationship between the two countries. PLB said it has undertaken the development of 7,000 units of affordable housing in Tingkat Paya Terubong 5, North East District, Penang and has the intention to appoint an unincorporated consortium to be jointly owned by CR3 and SRA as the development’s main contractor.
PLB said the MoU does not have any legally binding effect until the parties enter into a definitive agreement that is expected to be signed within 12 months from the date of the memorandum.
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