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Thursday, March 18, 2010

Malton unit in Bukit Jalil joint development

PETALING JAYA: Malton Bhd, via wholly-owned subsidiary Pioneer Haven Sdn Bhd (PHSB), has entered into a joint development agreement with Bukit Jalil Development Sdn Bhd (BJDSB) for the development of freehold land in Bukit Jalil worth RM2.5bil.

In a note to Bursa Malaysia yesterday, Malton said the project would be completed in phases over 10 years from the approval date of the development, with an automatic extension of five years, subject to market supply and demand conditions.

This is provided that PHSB commenced development within six months of the “date of issuance of the development order for master plan and approval of building plan by the appropriate authorities.”

Malton said the joint venture was in line within the expansion plan of its core business activities of property development, construction and property investment.

It said the joint venture was expected to contribute to the medium and long term profitability of the company.

PHSB and BJDSB will have an 83% and 17% entitlement of the GDV respectively.

An analyst from a local bank-backed brokerage said: “The project should have a positive impact on Malton in the medium to long term.”

In a separate statement, Malton said it had acquired the remaining 49% of the issued and paid-up share capital of PHSB for RM49 cash on Tuesday.

By The Star

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