KUALA LUMPUR: Bina Puri Holdings Bhd
is undertaking a joint venture to develop a residential project in LakeHill Resort City near Masai in Johor.
It is teaming up with landowner LakeHill Resort Development Sdn Bhd -- a unit of Malaysia Pacific Corporation Bhd -- to undertake the residential housing project on the 24.41 acre site with a gross development value of RM204mil.
It said on Tuesday its unit Bina Puri Properties Sdn Bhd had signed a joint development agreement with LakeHill -- a unit of Malaysia Pacific Corporation Berhad -- to undertake the residential housing project on the 24.41 acre site.
Bina Puri said based on the preliminary planning stage, the estimated GDV was RM204mil.
“The landowner shall be entitled to payment of the land cost at a sum of RM21.26mil (RM20 per sq foot) and 20% of the project profit.
“The proposed JV would allow Bina Puri Properties to jointly develop the land and generate income to enhance shareholders’ value.
The landowner’s entitlement was arrived at on a willing-buyer willing-seller basis after taking into consideration, amongst others, the market value of the land of RM19 per sq.ft., as ascribed by an independent registered valuer Hakimi & Associates Sdn Bhd dated March 27, 2013,” Bina Puri said.
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