Yong Tai unit to jointly develop land with RM180 mil GDV

KUALA LUMPUR (April 7): Yong Tai Bhd and KOF Holdings Sdn Bhd plan to jointly develop two adjoining pieces of land on Jalan U-Thant, Kuala Lumpur, with a gross development value of RM180 million.

Yong Tai, through its subsidiary YTB Development Sdn Bhd, and KOF entered into a joint-venture agreement for the development on Lots 169 and 170 today.

Yong Tai said on Oct 18, 2014, KOF signed a joint venture development agreement with Pihak Berkuasa Kemajuan Pekebun Kecil Perusahaan Getah for the lands.

Following that, KOF would assign YTB Development the sole and exclusive rights and entitlement to develop the land according to its discretion.

The proposed development featuring residential units, will take approximately three years to complete, subject to approvals. — theedgemarkets.com

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