KUALA LUMPUR: DPS Resources Bhd, through wholly-owned subsidiary Shantawood Sdn Bhd, will undertake a mixed development project with a gross development value of RM150mil in Alor Gajah, Melaka.
In a filing with Bursa Malaysia, the property developer and furniture maker said Shantawood yesterday signed a joint-venture agreement with Rembia Properties Development Sdn Bhd (RPD), which owns the 10.48-hectare freehold land where the project would be sited.
RPD would be entitled to RM19mil from the development, to be paid over seven years, DPS said.
“The joint venture represents an opportunity for the group to build up landbank and ensure sustainable growth for DPS over the next few years, ” group managing director Edward Sow Yuen Seng said in a statement.
According to him, the outlook of the property market in Melaka is expected to recover gradually in 2021 with the allocation of funds from the state government to spur economic activities. — Bernama