Further to the announcement made by the Board of Directors of Fajarbaru Builder Group Bhd (“FBG” or “the Company”) on 8 November 2024, the Board is pleased to announce further information on the withdrawal of Fajarbaru Land (M) Sdn Bhd ("FLM"), a wholly owned subsidiary of FBG, as the Developer for the integrated development of Residensi Cemara ("Development").
The reason for FLM's withdrawal as the Developer for the Development is that there was a change in the requirements made by PP for the Development. After careful consideration, the Board has found that the Development is not sustainable and has decided to pursue a much more viable opportunity. 
The estimated cost incurred by FLM as of to-date on works that had been done on or for the Development is approximately RM1,200,000.00 (Ringgit Malaysia One Million And Two Hundred Thousand Only). There is no legal implication arising from the withdrawal by FLM.
This announcement is dated 12 November 2024.