KUALA LUMPUR: Enra Group Bhd
said its indirect wholly-owned subsidiary Hampton Homes Sdn Bhd entered into two unincorporated joint venture agreements (UJVA) with Entire Role Sdn Bhd to jointly develop 144 residential double-storey medium-cost terrace houses with an estimated gross development value of RM101.26mil in Taman Teratai in Kulai, Johor.
Under the first JV agreement, there will two phases of development for a total of 94 units of terrace houses on a 12,267 sqm tract.
The second JV agreement see the parties undertaking 50 units of terrace houses in a third phase of the development on 9,625 sqm of land.
According to Enra's filing with Bursa Malaysia, the estimated gross development cost of the project is RM76.06mil, inclusive of the land cost.
Hampton Homes, as the developer, will construct the houses, and pay Entire Role, the landowner, a sum of RM21.6mil and 50% of the JV's net distributable profits after tax, as part of a profit-sharing agreement.
According to Enra, the JV allows it to access and develop the land without a full upfront acquisition, thereby reducing capital outlay while sharing
the project’s upside.
It will also leverage its landbank and its own development expertise to enhance profitability and accelerate project delivery.
"The collaboration also supports the strategic expansion of the group’s land portfolio and strengthens its position in the property sector, creating potential long-term value for shareholders," it said.
The company said it is yet to accurately ascertain the commencement and completion schedule of the project as the development plan has yet to be submitted to the relevant authorities.
"Barring any unforeseen circumstances, the Proposed joint venture is expected to commence in the first quarter of 2026 and each phase is to be implemented
over a 36-month period respectively," it said.
