KUALA LUMPUR: Kerjaya Prospek Group Bhd is planning to develop two 36-storey block of condominiums, comprising 454 residential units, in Mukim Batu, Kuala Lumpur.
The project is expected to be completed in 2022.
Kerjaya Prospek, in a statement today, said it is buying a 90% stake in Yakin Land Sdn Bhd for RM1.35mil. It has also agreed to pay another RM9.45mil to the owners of the 1.834 hectares land in Mukim Batu.
Yakin Land, in May 2016, had entered into a joint venture agreement (JVA) with the landowners to develop the land.
“This acquisition stands to benefit the company due to YLSB’s JVA with the landowners,” Kerjaya Prospek’s executive chairman Datuk Tee Eng Ho said.
Pursuant to the agreement with Yakin Land, the landowner’s entitlement under the JVA has also been revised to a guaranteed sum of RM60.18mil or an amount equivalent to 18.5% of the gross development value of the project, whichever is higher.