KUALA LUMPUR: ARK Resources
Holdings Bhd via its wholly-owned subsidiary Ark Resources Bhd has entered into a joint venture with Premium Flame Development Sdn Bhd to develop a project with 500 residential units on 9,472.8sqm of land in Barat Daya, Mukim 10, Pulau Pinang.
In a stock exchange filing, Ark said the gross development value of the project is about RM275mil while its estimated development cost is RM226mil.
Under the terms of the JV, Premium Flame shall make available the freehold vacant land while Ark will undertake the overall development of the land.
The project will commence in the second quarter of 2026, and be completed within 48 months.
