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Monday, May 9, 2011

Bertam unit in venture to develop land

UH Capital Sdn Bhd, a wholly owned subsidiary of Bertam Alliance Bhd, has entered into an agreement with GJH Development Sdn Bhd to jointly develop a land located in Ledang, Negeri Sembilan.

In a filing to Bursa Malaysia today, Bertam said the 109-hectare piece of land is expected to have mixed development including residential and commercial shop lots or other such development approved by the relevant authorities and landowner.

The last recorded market value of the land was RM48 million.
UH said the name and type of project, number of units in respect of each type of development of the proposed joint development have yet to be confirmed.

"We expect to commence construction after getting approvals from the relevant authorities and the whole development is expected to be completed within six years from the signing of the agreement," it added.

The deal with GJH will allow Bertam, through UH Capital, to unlock the value of the land without having to fund the development cost of the project.

"There would be general cost saving arising from the interest savings from bridging loans, which would have been required if UH Capital were to develop the land on their own," it said.

By Bernama

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