Solidvest Properties in residential development deal

Datuk Seri Chin Kok Foong (left) and Datuk Seri Liew Kok Leong.

PETALING JAYA: 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, Gombak, in Selangor.

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

“We’re excited about 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.

“The collaboration is also aligned with our commitment towards the sustainability agenda,” said Ageson executive director Datuk Seri Chin Kok Foong.

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

Ageson executive director Datuk Seri Liew Kok Leong said that over the long 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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