PETALING JAYA: Property developer Symphony Life Bhd has proposed to take on a mixed development on a 3.36-acre parcel of leasehold land, which was acquired for RM100mil.
The gross development value of the project is RM600mil.
Symphony said in a filing with Bursa Malaysia that a development agreement had been signed between the company and the Malaysian Government Servants Welfare and Sports Council (Maksak).
Maksak is the beneficial owner of the project land expiring in June 2084 and there is a building on the land at Jalan Cheras, Kuala Lumpur.
Under the deal, Symphony Life will have to pay RM15.52mil for the land and should construct Maksak’s headquarters there at not more than RM7.36mil.
On top of that, it should transfer not less than 35,000 sq ft of mixed development with a gross sales value not exceeding RM45mil to Maksak and pay another RM32.2mil for compensation and rental returns.
The project, made up of serviced apartments, shop offices or strata offices, is expected to be developed over seven years after the completion of the Maksak headquarters.