KUALA LUMPUR (Oct 10): Malton Bhd has entered into a joint venture (JV) agreement with Batu Kawan Development Sdn Bhd for the proposed joint development of 300 acres of land at Batu Kawan, Pulau Pinang with an estimate gross development value (GDV) of RM3.8 billion.
"The JV is in line with the company's continuing expansion plan of its core business of property development and construction and is expected to contribute to the medium and long-term profitability of the Malton and its subsidiaries," Malton said in a filing today (Wednesday).
The group's wholly-owned subsidiary Silver Setup Sdn Bhd will be solely responsible for the entire development financing, and is entitled to 82% of the GDV. Batu Kawan is entitled to the remaining 18%.
The development will comprise a mix of commercial and residential developments, and is expected to be carried out and completed in phases over ten years from the date of issuance of the title of the land.
Silver Setup has already paid Batu Kawan RM20 million as part of the former's entitlement under the agreement. - The Star
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