Tanco enters JV for residential development in Puchong Perdana

KUALA LUMPUR: Tanco Holdings Bhd's indirect subsidiary Palm Springs Development Sdn Bhd has entered into a joint venture with Accession Development Sdn Bhd for the development of residential project on a 22,905.5 sqm tract of leasehold land in Puchong Perdana, Petaling, in Selangor.

In a filing with Bursa Malaysia, Tanco said Palm Springs Development, as the developer, will undertake the design features and components of the project.

It will also tabulate the gross development value (GDV) of the project with a minimum GDV of RM500mil.

The group added that the proposed JV will be primarily financed through internally generated funds and/or borrowings.