KUALA UMPUR: Sunway Bhd
's wholly-owned subsidiary Sunway Integrated Properties Sdn Bhd (SIP) has entered into a master agreement with Mass Rapid Transit Corp Sdn Bhd (MRT Corp) for its role in the development of a project in Johor Bahru.
In a bourse filing, Sunway said the project, located on part of 4.23 acres of land, entails the construction of a mixed-used development comprising four residential/commercial towers with all supporting infrastructure to be constructed on the podium.
The project will also include a multi-storey structure comprising a retail mall, car parks other than the multi-storey park and ride building (MSPR), access roads and such other infrastructure necessary for the mixed-use development.
SIP and MRT Corp have entered into a MSPR design and build contract appointing SIP as the contractor for the design, build and construction of the MSPR works.
Under the deal, MRT Corp is entitled to receive a total development rights value of RM450.8mil subject to adjustments due to variation in the gross floor area and the ratio of the gross development value of the mixed-use development.
Sunway said the mixed-use development is strategically designed to maximise economic benefits and synergies of the various components within a transport hub.
"The proposed development aims to transform Johor Bahru’s urban landscape, hence enhancing urban vibrancy, improving connectivity and accessibility, and reducing commute time," it said.
