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Tuesday, October 2, 2012

Naza TTDI, Australia's Lend Lease ink deal for RM4b project

KUALA LUMPUR: Naza TTDI and Australia's Lend Lease plan to undertake a mixed-use development project in the former's KL Metropolis flagship development with a potential gross development value (GDV) of RM4bil.

Both companies signed a heads of agreement to formalise a joint venture to develop 10.94 acres of land at the site.

In a joint statement released on Tuesday, they said the agreement sets the scope and commercial principles for a mixed-use development including a regional retail centre, office, hotel and residences.

The agreement was executed by Naza TTDI's deputy executive chairman and group managing director, SM Faliq SM Nasimuddin and Lend Lease's CEO for Asia, Rod Leaver.

Australia's Lend Lease is a fully integrated international property and infrastructure group.

KL Metropolis is Naza TTDI's 75.5-acre high-impact project with a GDV of RM15bil which it envisages would thrust the country as a preferred MICE destination in the region.

CIMB Investment Bank Bhd is the financial adviser to Naza TTDI for the KL Metropolis project.

By The Star

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