Pasukhas, which provides mechanical & electrical as well as construction services, told Bursa Malaysia that its unit Bungar Majujaya Sdn Bhd (BMSB) had inked a joint-venture (JV) agreement with the foundation to undertake the development on 1.27 acres in Section 87A, Kuala Lumpur.
Formed in 2003, the MAF Veterans Foundation runs programmes and activities that complement the welfare programmes done by the Department of Veterans’ Affairs.
Under the agreement, the foundation gives BMSB the exclusive right to carry out the entire development of the land and the project.
BMSB will pay the land premium of RM15.45mil and give the foundation 72,000 sq ft of partial office space and functions rooms together with RM2mil in cash.
BMSB will complete the project within five years after obtaining the development order from the relevant authority.
The Pasukhas announcement did not provide details of the proposed development or estimate on the project’s gross development value.