32.9 C
Kuala Lumpur
Thursday, April 24, 2025
HomeNewsWith RM2.15 billion in GDV, Oriental Interest unit will jointly create a...

With RM2.15 billion in GDV, Oriental Interest unit will jointly create a mixed-use project.

Date:

Related stories

Penang launches automated parking fine system with ANPR Technology

Penang has officially implemented an Automated Number Plate Recognition...

Penang to redevelop 3 squatter settlements into modern housing

Penang to redevelop 3 squatter settlements into modern housing The...

G’Vinton Executive Residences & Suites

Redefining Sophisticated Urban Living on Millionaire’s Row An extraordinary address...

Penang LRT Mutiara Line project on track, says MRT Corp

Penang LRT Mutiara Line project on track, says MRT...

Tzu-Chi to build holistic campus in Batu Kawan

The Buddhist Tzu-Chi Merits Society Malaysia is set to...

KUALA LUMPUR: Kedah State Development Corporation (PKNK) and Oriental Interest Bhd’s wholly-owned subsidiary, OIB Properties (KV) Sdn Bhd (OIBKV), have decided to work together to develop a 484.11-hectare plot of land in Kuala Muda into a mixed development project with a gross development value (GDV) of RM2.15 billion.

OIBKV and PKNK signed a contract on March 8, 2023, to carry out the joint development, according to Oriental, which reported this in a filing with Bursa Malaysia today.

According to the agreement, the developer, OIBKV, shall pay the land cost of RM240 million in full by the tenth year following the date of the agreement, and the landowner, PKNK, is entitled to receive RM326 million or 16% of the GDV, whichever is larger.

According to Oriental, the development is in accordance with the group’s strategic planning to use its expertise in construction and real estate development to work with the landowner for the successful completion of the proposed project.

The statement said, “The board expects the development to be completed by 2033, barring any unforeseen circumstances and subject to the fulfilment of all conditions precedent as set down in agreement. The Bernama

Click HERE to read more.

Source: TheSTAR

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

LEAVE A REPLY

Please enter your comment!
Please enter your name here