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Thursday, March 15, 2012

TA Global to jointly develop project in Canada with GDV of RM1.53bil

PETALING JAYA: TA Global Bhd and Birkbeck Trust planned to jointly develop a high-rise mixed-use project consisting of hotel and residences in Vancouver, British Columbia, Canada.

The project is to be carried out under a partnership arrangement with an initial contribution of C$110mil (RM339mil) by each party.

The proposed joint development has a gross development value of C$496.4mil (RM1.53bil) which consists of a eight-level underground parkade and a 64-storey building comprising a four-level podium and a 60-storey point block which would house 61 guest rooms with supporting amenities. and 249 units of residences.

Construction will start in the third quarter of 2012 and will likely be completed by mid 2016.

The total development cost of the project is C$359.8mil (RM1.11bil), with land cost alone taking up C$110mil.

The land is acquired from the Birkbeck Trust by assuming C$85mil (RM262.1mil) of its existing debt liabilities. Therefore, the liabilities to be assumed by TA Global in this partnership will be 50% of the debt liabilities, amounting to C$42.5mil.

The parties are expected to make profits of C$136.6mil (RM421.5mil), not taking into account the debt liabilities of C$85mil.

The project has a total gross development area of 730,504 sq ft and a total net saleable area of 492,702 sq ft.

By The Star

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