YNH Property Bhd’s unit, Kar Sin Bhd (KSB), has entered into an agreement with Fong Yu Investments Pte Ltd on the development of three parcels of land in Kuala Lumpur totalling 2.39 acres.
KSB, which is the turnkey contractor of the land, on Monday signed the agreement to sell 25/100 undivided share in the land to Fong Yu’s unit Ruby Premium Sdn Bhd (RPSB) as part of the development plan.
It also signed a memorandum of understanding (MoU) for agreement in principle to sell an additional 24/100 undivided share of the land to RPSB, YNH told Bursa Malaysia on Monday.
YNH said RPSB would bear the cost of investment incurred for the proposed development of the land, while KSB would bear the cost for the balance of the 51/100 undivided share of the land.
The owner of the land is Suileem Realty Sdn Bhd.
The statement does not give the value of the development, the price tags for land shares sold to RPSB, and how the profits will be divided between KSB, Suileem and RPSB.
There is no elaboration on the development or what role RPSB will play exactly in the development other than bearing the cost.
RPSB has to pay a deposit of RM28.65mil to guarantee its performance of the MoU and a building and renovation contract signed with KSB.- By The Star