LANDMARKS Land & Properties Sdn Bhd, a 70 per cent-owned subsidiary of Landmarks Bhd, inked a deal with Tan & Tan Developments Bhd, a wholly-owned subsidiary of IGB Corp Bhd, to form a property development venture involving a 129.7 acre piece of land in Wangsa Maju.
The joint venture, wtih IGB owning 50 per cent plus one share, is Nova Pesona Sdn Bhd which will develop a residential area in the vicinity of the already established Wangsa Maju township, already with 400,000 residents.
The development is expected to be in three phases and completed in 8 to 10 years.
The gross development value of the project is estimated at between RM600 million and RM700 million, with Landmarks Land & Properties as the land-owner which is entitled to make five per cent of the gross sales proceeds or a minimum of RM45.2 million.
The new development project may benefit Landmarks, and possibly lift the company from its current slump. For the last financial year ended Dec 31, 2002, Landmarks made a net loss of RM38.61 million on the back of a RM205.67 million turnover. – by Jose Barrock
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