Press Release - 30 November 2015

IRIS secures RM623 Million PPA1M Contract from Perbadanan Putrajaya

KUALA LUMPUR, 30 November 2015:

On 30 November 2015 IRIS was awarded a construction contract by Perbadanan Putrajaya for an estimated gross development cost (GDC) of RM622.73 million. The contract is for the development of Perumahan Penjawat Awam 1Malaysia (PPA1M) and a mixed development on 16.2 acres of land in Putrajaya.

This PPA1M project is IRIS’ maiden high-rise project in Malaysia using IRIS’ Industrialised Building System (IBS). At the core of this system is the compressed EPS (expanded polystyrene) that is non-toxic, lightweight and excellent for thermal insulation in promoting energy efficiency.
PPA1M is an affordable housing scheme for civil servants that will be developed at high demand locations across Malaysia. The programme aims to provide finest designs, high quality residences with spacious unit sizes, all at an affordable price for civil servants.

IRIS is tasked with building some 1,928 units of residential houses under PPA1M as well as 508 residential houses and 22 units of commercial buildings for open sale will be built over a construction period of 30 months. The contract is expected to contribute positively to IRIS’ earnings for the next three financial periods ending March 31, 2017 until March 31, 2019.