SEC enters JV deal for property project

  • Business
  • Tuesday, 05 Feb 2019

?The proposed project, if materialised, could provide Tan Chong Motor with opportunity to expand its foothold in the automotive industry in Vietnam,? the company said in a filing with Bursa Malaysia last Friday

KUALA LUMPUR: SC Estate Construction Sdn Bhd (SEC), a wholly-owned subsidiary of SC ESTATE BUILDER BHD, has entered into a joint venture (JV) agreement with BS Civil Engineering Sdn Bhd to develop 7.9h of freehold land into a mixed development in Bandar Alor Setar.

In a filing with Bursa Malaysia today, SC Estate Builder said SEC would develop the land owned by BS Civil, which would be paid RM9mil by the developer.

The mixed development would consist of apartments, low cost apartments and shoplots with an estimated gross development value of about RM93mill.

“The developer shall commence the development works within three months from the date the necessary licence and permits and all other relevant planning approvals have been obtained by the developer or vacant possession of the land is obtained whichever is the later,” it added. — Bernama

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