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Friday, November 27, 2009

TA Global, Canadian firm team up for British Columbia project

TA GLOBAL Bhd is teaming up with Townline Gardens Inc, a Canadian home builder, to develop a C$130 million (RM422.5 million) mixed-development project over seven years.

A joint-venture agreement between TA Development One (Canada) Ltd, a 100 per cent unit of TA Global, and Townline Gardens Inc was signed yesterday.

Under the agreement, TA will hold a 65 per cent of the joint-venture, in which TA Global will pump in C$11.7 million (RM38.03 million) as equity contribution.

"The joint venture will complement TA Global's corporate strategy to expand its property development activities into British Columbia, Canada... In addition, it is expected to increase the revenue stream and return of TA Global Group," said the company.
The residential and commercial units will be built on a 8.9ha land in the City of Richmond, British Columbia, in a project known as "The Gardens".

It consists of about 470 apartments and 70,000 sq ft of retail and office space. More than half of the site is agricultural land, which will be developed as a public botanical park and urban gardens.

The project will be developed in six phases over a seven-year period, from 2010 to 2017. The cost of construction will be funded via internally generated funds, external borrowings or a mixture of both.

TA Global is the property division of the TA Group with its primary businesses of hotel operations, property management, investment and development.

By Business Times

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