SUNRISE Paradigm Sdn Bhd (Sunrise Paradigm), a wholly owned subsidiary of Sunrise Bhd, has signed an agreement with Mont Kiara Specialist Centre Sdn Bhd (MKSC), a subsidiary of Landmarks Bhd, for a proposed joint development of a project comprising service apartments, retail units and medical suites.
Sunrise told to the KLSE yesterday that the 2.9 acres freehold land earmarked for the project would be in Mont Kiara next to the Garden International School.
Under the agreement, Sunrise Paradigm and MKSC would share the aggregate revenue based on the 80:20 ratio. The average gross selling price is not expected to be less than RM300 per sq ft.
The actual composition and final layout of the proposed development is dependent on the final approved plans and market conditions.
Sunrise said the project was not expected to have a significant effect on its non tangible assets for the financial year ending this month.
Meanwhile, Landmarks told the KLSE yesterday that the project was expected to contribute positively to group earnings in subsequent years.