Fajarbaru inks joint venture for development of Sungai Gadut project

KUALA LUMPUR: Fajarbaru Builder Group Bhd's subsidiary Fajarbaru Land (M) Sdn Bhd has entered into a joint venture with Care Dynamic Sdn Bhd to undertake the development of an industrial city park for 672 units of centralised labour quarters in Sungai Gadut, Seremban.

The joint venture company, named Fajarbaru Dynamic Development Sdn Bhd, will be 60% owned by Fajarbaru Land with the remaining 40% stake held by Care Dynamic.

According to Fajarbaru in a filing with Bursa Malaysia, the project on the plot of land measuring 10.9 acres, has an estimated gross development value of RM172.4mil.

The construction of the project is expected to take 36 months.

The group said the joint venture will purchase the land from the land's registered owner, Sungei Gadut Development Sdn Bhd, for RM18psf.

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