DPS to undertake RM150mil mixed development project in 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.

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

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights
   

Next In Business News

Tencent vows fresh gaming curbs after 'spiritual opium' attack zaps US$60bil
KLCI swings back above 1,500-level
Hartalega falls on caution about weaker prices
Infineon takes revenue hit from Malaysia shutdown
BMW says chip shortage, raw material prices to hit 2H
Infineon held back by tight supply, Malaysia plant hit by lockdown
Asian stocks slip as Delta spread spooks investors
Oil prices slip, rebound runs out of steam on demand worries
BP boosts dividend, buybacks as profit soars
China regulator to probe auto chip distributors over price-gouging suspicions

Stories You'll Enjoy


Vouchers