KUALA LUMPUR: Encorp Bhd
's subsidiary Encorp Construction & Infrastructure Sdn Bhd has entered into a joint venture with Touch Millenium Sdn Bhd to develop a 4.97-acre tract of land at Mukim Kuala Kuantan in Kuantan into a mixed-development.
In a filing with Bursa Malaysia, it said the project will comprise retail lots, service apartments and a car park on a 2ha tract of land through a JV company to be incorporated.
Encorp will have a 70% stake in the JV while Touch Millenial will own the remaining 30%.
The project is expected to commence in the first quarter of 2023 and completed by the fourth quarter of 2027.
According to Encorp, its estimated total cost for the proposed JV is RM328.5mil, while the estimated gross profit is RM74.05 mil.
"The Proposed Joint Venture provides for a strategic partnership and is in line with Encorp’s principle business activity to expand its property development segment.
"This will also enable Encorp to build its branding in other states while strengthening business relationship with Touch Group Holdings Sdn Bhd in other business segments," it said.
