KUALA LUMPUR: Symphony Life Bhd
(SymLife) plans to undertake a property project comprising of service apartments and shop offices with a gross development value (GDV) of RM600mil along Jalan Cheras here.
SymLife had on Thursday entered into a development agreement with Majlis Kebajikan Dan Sukan Anggota-Anggota Kerajaan Malaysia (MAKSAK) – the owner of the13,595 square metres leasehold land – for a total consideration of RM100.081mil.
The lease will expire in June 2084. Under the plan, SymLife will pay RM15.52mil for the land and it will build MAKSAK’s headquarters at a cost not more than RM7.36mil.
Upon completion of the development of the land, it will transfer part of the land of not less than 35,000 sq feet of mixed development with a GDV not exceeding RM45mil to MAKSAK.
It will also compensate MAKSAK RM9m and rental compensation of RM16mil and a further RM7.2mil as rental returns.
As for the service apartments and shop offices, SymLife said the estimated development period is seven years. It would be finance from its own funds and bank borrowings.
“The proposed development is in line with SymLife’s objective to focus on its core business of property development, thereby increasing the group’s land bank so as to enhance the group’s future earnings,” it said.
It said site had excellent development potential with its mature surrounding areas with good ready infrastructure.
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