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Friday, September 9, 2011

Juasa, Insan Tiasa to develop RM6.8b land

Utusan Melayu (Malaysia) Bhd's wholly-owned subsidiary, Juasa Holdings Sdn Bhd, has entered into a joint venture agreement with Insan Tiara Sdn Bhd to develop a RM6.8 billion land in Kuala Lumpur into a mixed commercial industrial project.

Utusan said the completion of the project, consisting an eight-storey building with sub-basement and two floors of car park, shall be within four years from the delivery of vacant possession of the property with a further extension of two years.

"The proposed project will enable Utusan to enhance the value of its existing property and create a new source of income from property rental," it said in a filing to Bursa Malaysia today.

By Bernama

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