NWP affordable housing projects scrapped

PETALING JAYA: NWP Holdings Bhd’s affordable housing projects are now shelved as it has terminated the turnkey construction heads of agreement (TCA) between wholly-owned subsidiary NWP Builder Sdn Bhd and M2B World (M) Sdn Bhd.
NWP Builder had on Sept 7, 2016 entered into a TCA with M2B World, appointing NWP Builder as the turnkey contractor for the projects. The TCA encompasses six projects to construct affordable housing under SPNB Aspirasi as well as the Perbadanan Prima Malaysia in Selangor, Sabah, Pahang and Kelantan worth RM749 million.
NWP Builder was principally envisaged to be involved in construction and development.
The board had previously said that the TCA would be instrumental in diversifying the group’s business to include the construction business and provide an alternative source of income to the group.