KUALA LUMPUR: Kumpulan Jetson Bhd has entered into a heads of agreement with Fortress Effect Sdn Bhd for the joint development of a luxury residential development project.
In a filing with Bursa Malaysia, Kumpulan Jetson said the project, known as The Macalister, would be developed on three pieces of freehold land in George Town, Penang.
Meanwhile, China-based Everbright International Engineering Sdn Bhd was appointed the designated contractor to undertake the construction and completion of the project. “Everbright International Engineering will participate in the project on a joint venture basis,” Kumpulan Jetson said.
Kumpulan Jetson’s entitlement under the proposed joint development shall be 30% of the gross development value, while Fortress Effect takes 70%.