KUALA LUMPUR: A signing ceremony of Sale and Purchase Agreement (SPA) was held recently between Pelaburan Hartanah Bhd (PHB), a real estate investment holding company and wholly owned subsidiary of Yayasan Amanah Hartanah Bumiputera (YAHB) and State Government of Terengganu and Lembaga Tabung Amanah Warisan Negeri Terengganu (LTAWNT), a Terengganu State Government agency.

The SPA, which was an agreement to acquire a parcel of commercial land in the capital city of Terengganu, was signed by PHB managing director and chief executive officer, Datuk Kamalul Arifin Othman and the State of Terengganu financial officer, Dato’ Wan Nawawi bin Haji Wan Ismail. The signatory for the Terengganu State Government was state secretary of Terengganu, Dato’ Haji Osman bin Muda.

With the agreement signed, the signatories acknowledged that the Terengganu State Government will alienate the land to PHB, approved for a mixed commercial development.

The chief minister of Terengganu, Dato’ Seri Haji Ahmad Razif bin Abd. Rahman was also there to witness the signing of the agreement in support of PHB’s latest accomplishment.

Dato’ Seri Haji Ahmad Razif bin Abd. Rahman said that he was pleased with PHB’s collaboration with a state government agency on bringing new wave of development in the state.

“The expertise and experience derived through this acquisition will be mutually beneficial with an aim at establishing the state of Terengganu as the new economic hub of the East Coast with proper planning, infrastructure, development and attractions,” he added.

Future developments
PHB has proposed to develop the approximately 10.8 acres site into a mixed integrated commercial development.

The site is strategically located within the heart of Terengganu’s administrative and commercial hub, bordering another project known as Kuala Terengganu City Centre (KTCC).

Furthermore, the onset of a drawbridge and East Coast Highway (LPT2), constructed under the East Coast Economic Region Development Council (ECERDC) development project, could improve the connectivity of the site to other commercial hubs within and outside of Terengganu.

Datuk Kamalul Arifin Othman said the acquisition of the land site in Terengganu marks yet another milestone in their journey.

“Ever since our inception in 2006, PHB has diligently focused its efforts to boost Bumiputera ownership in commercial real estates in Malaysia.

“We truly believe that this acquisition will be an important milestone to further create valuable asset resulting in the progress of our company and stable rental income that benefits our Amanah Hartanah Bumiputera (AHB) investors.