KUALA LUMPUR: Lagenda Properties Bhd
’s indirect wholly owned subsidiary, Opti Vega Sdn Bhd (OVSB), has signed a development rights agreement (DRA) with Intact Corporate Approach Sdn Bhd (ICA) to develop 56.25 hectares (ha) in Kota Tinggi, Johor, for an adjustable cash consideration of up to RM99.62 million.
The land forms part of the overall master development in the area, which includes the adjoining Part 1 and Part 2 development spanning 45.33 ha being developed by OVSB, portions of which have already been launched.
"ICA (the land’s beneficial owner) will grant OVSB the exclusive and irrevocable right to develop the land and sell the completed units on the land via the Part 3 DRA and a full power of attorney to carry out the Part 3 development,” Lagenda said in a filing with Bursa Malaysia today.
Based on the preliminary development plan (KM), it said, the land is proposed to be developed into a mixed development of landed residential and commercial units with an estimated gross development value (GDV) of RM889 million.
Lagenda said that while there is pre-existing approval of the KM for the overall master layout, the group intends to submit further revisions and amendments to the plan with a view of further increasing the GDV of the Part 3 development. - Bernama
