Gabungan AQRS in JV to build PR1MA houses for RM424mil

The Peak, a mixed development project in Johor Bahru by Gabungan AQRS

KUALA LUMPUR: A joint venture (JV) owned 49% by Gabungan AQRS Bhd will develop PR1MA (Perumahan Rakyat 1Malaysia) homes, together with all the necessary amenities, utilities, facilities and infrastructures, in Kuantan, Pahang, for RM424.23mil.

The property and construction firm told Bursa Malaysia that its wholly-owned subsidiary, Gabungan Strategik Sdn Bhd (GSSB), had on Thursday signed a JV agreement with Monolight IBS Building System Sdn Bhd to undertake the project on 182,000 sq metres.

Monolight was appointed as contractor to construct, develop and complete the project pursuant to a master en-bloc purchase agreement dated April 25 entered into with PR1MA Corp Malaysia and Prima Export Foods Complex Sdn Bhd.

Monolight had sought GSSB to jointly undertake the construction and development as GSSB has the necessary financial ability and core competencies to complete the project. 

The JV agreement is conditional on the fulfillment of the conditions precedent of the master agreement. The deadline to fulfill them is by Oct 24, 2016, failing which the parties may mutually agree to a further extension of time.On expiry of the approval period or such extension to the period, either JV party will be entitled to terminate the JV agreement by written notice.