KUALA LUMPUR: Scanwolf Corporation Bhd
’s wholly-owned subsidiary, Scanwolf Properties Sdn Bhd, will undertake an office building project with an estimated gross development value of RM135 million.
It said Scanwolf Properties and the landowner, Ratna Bina Sdn Bhd have entered into a joint venture (JV) agreement for the proposed development, located on leasehold land in Sg Buloh, Selangor.
Scanwolf said the JV offers an opportunity for the company to participate and benefit from the development, which is expected to contribute positively to the future profitability and cash flow of the company.
"The time frame to complete the project is valid for 54 months from the date Scanwolf Properties obtained the full approval of the development order,” it said in a filing to Bursa Malaysia today.
Funding for the development project will come from its internally generated funds and bank borrowings. - Bernama
