Perak Corp enters joint development with Urbax Properties

KUALA LUMPUR: Perak Corp Bhd has agreed to jointly develop with Urbax Properties Sdn Bhd a housing development project in Hulu Kinta in Kinta, Perak, on three tracts of vacant freehold land measuring a total area of about 24.807 acres.

In a filing with Bursa Malaysia, Perak Corp said it will provide the land for the development in exchange for an entitlement of a minimum of RM52mil, comprising the land cost of RM48.62mil and 20% of the net sales received by Urbax as its fair share of the profit.