PETALING JAYA: Ho Hup Construction Co Bhd’s unit has entered into a joint venture (JV) with Zaykabar Co Ltd to develop a high-end residential property project, with an estimated gross development value of US$200mil (RM634.8mil) in Yangon, Myanmar.
Ho Hup said in a statement that under the joint-venture agreement signed yesterday, its 70%-owned subsidiary Ho Hup (Myanmar) E&C Co Ltd had secured the sole and exclusive right to develop 191 units of villas and bungalows in Mingalardon Garden City (191 Z Villas) for the project.
Under the tie-up, Zaykabar would grant Ho Hup Myanmar the sole and exclusive right to develop the Z Villas 191 Units land into residential units in accordance with approved layout plans, which consist of 191 units of villas/bungalows, measuring about 10,000 sq ft each and with a built-up area of about 5,000 sq ft each, Ho Hup said a statement.
The project would be undertaken in three phases, it said.
“Physical building works will commence within one month from obtaining the construction work order from the authorities,” the company added,
The building works for the first phase was expected to be completed within two years from the date of the sale and purchase agreements in respect of the sale of the villas.
Construction of the second and third phases was due to commence immediately upon each earlier phase having recorded sales of equivalent to more than 50% of the villas of that phase.
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