Ageson unit partners ShuangLing to undertake RM95.2mil GDV development

KUALA LUMPUR: Ageson Bhd's wholly owned indirect subsidiary Solidvest Properties Sd Bhd has entered into a partnership with ShuangLing Holdings Ltd to undertake a proposed residential development project with a gross development value of about RM95.2mil in Mukim Batu, Daerah Gombak, in Selangor.

It said in a statement that the development period is for about two years from the expected commencement date.

“We’re excited with the collaboration with Shuangling as it allows the Group to leverage on Shuangling’s strong financial position to kickstart the Proposed Development.

"With Shuangling’s strong financial commitment, we believe that it will help to enhance our expertise and the collaboration is aligned with our commitment towards the sustainability agenda," said Ageson executive director Datuk Sri Chin Kok Foong.

He added that the financing for the development of the project could be funded via the collaboration as well as the progress payment from sales of the proposed development, hence avoiding the need for external borrowings.

Ageson executive director Datuk Sri Liew Kok Leong said that over the longer term, the partnership will create synergistic opportunities between Ageson and Shuangling, paving ways for future collaborations in the regional property development industry.

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