The development order was received by the two parties in May this year. The project is to be completed by mid-2008.
Total net area for the development is estimated at 940,000 sq ft, with about 660 units of sizeable service apartments.
The area will also have a retail and food and beverage component spanning 35,000 sq ft.
"This partnership truly provides an excellent opportunity for us to combine our expertise and resources, especially in development in prime urban centres, which continuously attracts buyers and investors due to its attractive capital appreciation and rental yields," E&O Property managing director Datuk Terry Tham Ka Hon said in a statement yesterday.
Lion Group's property division executive director Lionel Cheng said the group is confident of the potential of the site given its strategic location.
The project will be undertaken by a joint-venture company, Mergexcel Property Development Sdn Bhd.
E&O Property owns a 50 per cent stake in Mergexcel through its subsidiary, while Lion Group's subsidiary owns the rest.
In May last year, Mergexcel bought 1.65ha freehold land from The Synod of Diocese of West Malaysia.
The Synod was the original owner of the St Mary's school and the land on which it sits. St Mary's school will be relocated to Selayang.
By New Straits Times
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