KUALA LUMPUR: Spritzer Bhd
has formed a joint venture with KNP Development Sdn Bhd to develop a 5.78-acre piece of land in Matang, Perak into a housing development project.
In a filing with Bursa Malaysia, Spritzer’s wholly-owned subsidiary Spritzer Development Sdn Bhd (SDev) signed a joint venture agreement (JVA) with KNP to jointly develop residential houses.
Under the JVA, KNP, as the landowner shall be entitled to 15% of the sale proceeds of the buildings sold and a sum of RM278,251.20 as non-refundable deposit upon the execution of the JVA
SDev shall pay a sum of RM2.2mil as advanced payment to KNP within three months from the date of the JVA for the landowner to defray some of its expenses which, among others, include paying the premium to the Land Registry, Perak.
SDev shall be entitled to the rest of the sale proceeds of the buildings sold and the unsold buildings built under the project.
“This joint venture not only presents a good opportunity for SDev to establish a foothold in the property development industry but also provides a distinct advantage in navigating the complexities inherent to the industry,” Spritzer said.
