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Wednesday, September 5, 2012

BRDB in JV residential project, GDV of RM600m

KUALA LUMPUR: Bandar Raya Developments Bhd (BRDB) is teaming up with landowner Garuda Mega Sdn Bhd to undertake a residential development project in Sungai Long, Selangor.

BRDB said on Wednesday its unit Raintree Forest Sdn Bhd had inked a JV agreement with Garuda Mega for the project with a gross development value of RM600mil.

The agreement is to build bungalows, semi detached houses and apartments on Garuda Mega's land, measuring 25.97ha. Phase one is targeted to be launched in the second quarter of 2014.

The landowner's entitlement would be 23% of the net development value and it could opt for either cash or units or both.

The directors of Garuda are Datuk Chee Hong Leong and Chee Chik Eng.

By The Star

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