KUALA LUMPUR, May 26 — The property division of Bina Puri Holdings Bhd will form a joint venture to carry out a residential project in LakeHill Resort City, with a gross development value (GDV) of RM204 million.
LakeHill Resort City is a flagship development in the Iskandar Malaysia economic corridor.
Bina Puri Properties Sdn Bhd is the developer while LakeHill Resort Development, the landowner, is entitled to payment of the land cost of RM21.26 million and 20 per cent of the project profit.
In a statement today, Bina Puri Holdings Group Executive Director Matthew Tee said this joint development is a modest investment that heralds a bigger role for the group in property development a stone’s throw from Singapore.
“Iskandar Malaysia is fast becoming the economic powerhouse of the country.
The group’s long-term plan is to continue to position itself to play an active part and carve a stake in this economic corridor,” he said.
Bina Puri Properties has signed a joint development agreement with LakeHill Resort Development Sdn Bhd, a wholly-owned unit of Malaysia Pacific Corporation Bhd, to build 412 units of double-story terrace houses.
The project is Phase 1A1 of Taman Nusa Damai, Masai, Johor, with built-up sizes ranging from 1,700 sq. ft. to 1,800 sq. ft.
The development is on 24.41 acres (9.878 hectares) of freehold land.
“Capital appreciation in LakeHill Resort City would rise as the massive RM60 billion Pengerang Integrated Petroleum Complex is located nearby,” Tee said.
The JV is not expected to have any material impact on Bina Puri Group’s earnings and net assets for the financial year ending December 31, 2015 but is expected to contribute positively to the future earnings and net assets of the group. — Bernama
