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Friday, March 26, 2010

Nilai Res to develop land with GD Devt

Nilai Resources Group Bhd announced today that its subsidiary BBN Development Sdn Bhd plans to team up with GD Development Sdn Bhd to develop 135.52 hectares of land in Putra Nilai, Negeri Sembilan.

The proposal involved a mixed residential and commercial development, the company said in a filing to Bursa Malaysia today.

GD's principal activity is real property and property development.

Under the joint development agreement, BBN Development will be entitled to a sum equivalent to 25.8 per cent of the expected gross profits or actual gross profits from each phase of the project, whichever is the higher.

It will also be entitled to 25.8 per cent of all properties retained by the proposed development.

The proposed development is expected to be completed within eight years, in which the timeframe may be extended for another two years.

Nilai Resources said the joint development will allow BBN Development to leverage on the GD group's strong marketing network for the proposed development.

By Bernama

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