KUALA LUMPUR: Ann Joo Resources Bhd
said its indirect subsidiary Gurun Heavy Industrial Park Sdn Bhd (GHIP) has entered into two joint venture agreements with Transyear Sdn Bhd to develop Phases 1A and 1B of Gurun Heavy Industrial Park in Gurun in Kuala Muda, Kedah.
"The joint venture agreements allow GHIP to unlock and maximise the value of its land by partnering with Transyear/Oriental Max, which is an established and experienced property developer in the Northern region.
"Through this collaboration, the land will be developed into an industrial park, enabling
GHIP to enhance marketability of the development land and achieve a higher disposal value as compared to a direct land sale," said Ann Joo in a bourse filing.
The group said the projects will take place on two tracts of freehold land owned by GHIP in Gurun measuring about 393,000 sqm and 445,896 sqm respectively
The estimated total cost attributed to GHIP, including land cost, for the development is RM82.2mil.
It said the estimated gross proceeds for the development is expected to be more than RM203mil.
