KUALA LUMPUR, Dec 31 — Eastern & Oriental Bhd (E&O) and Mitsui Fudosan Co Ltd (Mitsui Fudosan) has entered into a joint-venture (JV) agreement to develop luxury residences in Damansara Heights here with a gross development value of RM348 million.

The development, on land located within the highly sought after location and slated to be developed into three-storey villas/condominiums comprising 54 units, is expected to be launched in the second half of 2020.

In a statement today, E&O said the project would contribute positively to the group’s earnings from 2021 onwards.

It said the JV would be undertaken between KCB Holdings Sdn Bhd (KCBH), the company’s indirect wholly-owned subsidiary, and Mitsui Fudosan (Asia) Malaysia Sdn Bhd (MFAM), an indirect wholly-owned subsidiary of Mitsui Fudosan, via a new JV company.

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E&O said KCBH will hold 51 per cent of the JV company while MFAM will hold the remaining stake.

Upon incorporation, it said a sales and purchase agreement will be executed between the new JV company as purchaser with Ambangan Puri Sdn Bhd, a wholly-owned indirect subsidiary of E&O, to acquire 14 plots of freehold land located along Jalan Teruntung, Damansara Heights, measuring approximately 15,962.2 square metres for RM88.33 million.

“E&O is deeply honoured to partner Mitsui Fudosan, Japan’s renowned and reputable property developer. This is an extension of our earlier successful collaborations on The Mews & Conlay, two noteworthy luxury apartments in the Kuala Lumpur City Centre.

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“We are very excited to once again work closely with Mitsui Fudosan, with its vast experience and expertise, in the conceptualisation and development of this exciting new development,” said E&O managing director Kok Tuck Cheong. — Bernama