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Wednesday, January 13, 2010

Minply JV to undertake RM192m housing project

KUALA LUMPUR: MINPLY HOLDINGS (M) BHD is undertaking a housing project with Elitprop Sdn Bhd, in north of Gemas, Negeri Sembilan, with a gross development value of RM192 million.

Minply said on Wednesday, Jan 13 its unit Timberion Sdn Bhd had signed an MoU with Elitprop to undertake the project which comprised of 1,586 single-storey terrace houses.

Timberion will undertake to submit the applications for the project and then construct and complete the project at its own cost and expense.

"The GDV for the development is estimated to be RM192 million and the expected profit is estimated to be RM30 million over a period of six years," it said.

Under the sharing ratio, Timberion's stake is 75% of all units developed and the remaining 25% will go to Elitprop.

By The EDGE Malaysia (by Joseph Chin)

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