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02.06.2005 Business & Finance

Malaysian Firm gets US$1.5bil Ghana housing project


SITHRU (M) Sdn Bhd has secured a US$1.5bil housing contract with the Republic of Ghana, said managing director S. Thiruneelakanda.

He said the contract involved building 30,000 to 60,000 affordable houses in Accra, the capital, and the Kumasi district on 400ha to 800ha.

“The project will be carried out in two phases, with the first phase expected to be completed in two years,” he told Bernama in Kuala Lumpur yesterday.

To facilitate the works, the Ghana government would waive import duty on major building materials such as cement and steel rods, and provide assistance to fast track construction, he said.

Thiruneelakanda said the whole project, to be completed within 10 years, would consist of two-and three-bedroom 4-storey walk-up apartments.

“Currently, we are preparing the prototype house for viewing purposes. We will proceed with the project in September,” he said.

He said there were lots of opportunities overseas that could be explored by players in the housing development industry.

Sithru is an investment holding and project management firm involved in environmental engineering, water treatment, property development and construction, railway signalling and cabling, oil and gas, information technology and electricity engineering. Its projects include the upgrading works to Jalan Klang Lama, Kuala Lumpur and design consultation for a 1,100km railway project in Africa. –