KUALA LUMPUR: Kumpulan Jetson Bhd is teaming up with Fortress Effect Sdn Bhd to undertake a luxury residential development project in Penang, comprising of 33 high-rise condominiums.
Kumpulan Jetson said on Tuesday Fortress Effect was nominated by China's Everbright International Construction Engineering Corporation to be the co-developer in the project.
Everbright's unit Everbright International Engineering Sdn Bhd will take part in the project on a joint venture basis.
Kumpulan Jetson's entitlement under the proposed joint development would be 30% of the gross development value and Fortress Effect's entitlement 70% of the GDV.
The parties agreed that Everbright International Engineering would be appointed the designated contractor to undertake the construction and completion of the project.
By The Star
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