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Thursday, September 17, 2009

Developer makes foray into India

Property developer MK Land Holdings Bhd, via its subsidiary Ritma Mantap Sdn Bhd, has entered into an equity joint venture agreement with MKN Embassy Development Sdn Bhd and Star Dreams, an indirect subsidiary of the Embassy Group of Companies, to develop affordable housing and high-end integrated projects in India.

The agreement was signed yesterday, where Star Dreams and Ritma Mantap hold an equal stake of 47.5 per cent each in the joint venture company, Milan Gateway Sdn Bhd and MKN Embassy the remaining 5 per cent.

The parties have identified 121.40ha in Bangalore for the development of affordable homes, with an estimated gross development value of RM3 billion.

The project represents the maiden entry of MK Land into the development of affordable housing and high-end integrated projects in India.

By Business Times

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