Saujana Triangle Sdn Bhd, a unit of MK Land Holdings Bhd, and Mammoth Empire Land Sdn Bhd have inked a deal to jointly develop a mixed development project on an 11.78-acre plot of land in Damansara Perdana here.
In a filing with Bursa Malaysia, MK Land said under the agreement, Saujana Triangle wasentitled to RM82.12mil for contributing the leasehold land - at RM160 psf - or 22% of the gross development value (GDV) of the development project, whichever shall be the higher. Mammoth Empire Land will be the developer of the project.
It said Mammoth Empire Land was expected to settle Saujana Triangle’s entitlement within a year from the date of the joint development agreement.
“The joint development will complement our plans to expedite the development of our landbank in Damansara Perdana,” MK Land said in a statement yesterday, adding that the deal also represented a strategic opportunity for the group to venture into property development with other reputable developers.
It said the joint development was also expected to contribute positively to MK Land, adding that no source of funding was required from MK Land or Saujana Triangle.
It said Mammoth Empire Land would be responsible to provide the necessary financial strength and resources to meet the development costs of the land.
MK Land closed half a sen lower to 42.5 sen yesterday, with a market capitalisation of RM518mil. - By The Star