KUALA LUMPUR (March 13): Ho Hup Construction Co Bhd has signed a joint venture (JV) pact to undertake a mixed development project in Kuantan, Pahang.

In its filing with the stock exchange, the group said its wholly-owned Ho Hup Ventures (Kuantan) Sdn Bhd signed the JV agreement with landowner Koperasi Serbausaha Makmur Bhd (KOSMA) yesterday to develop a parcel of freehold commercial land measuring 8,129.9 sq m in Kuala Kuantan.

The project comprises a block of seven-storey three-star hotel, three commercial office floors, a block of 23-storey serviced apartments, car parks and retail shops.

Under terms of the JV, KOSMA will be purchasing the hotel block for RM30.98 million, and the three commercial office floors for RM7.08 million.

KOSMA will also be entitled to a consideration sum of RM25 million.

“The proposed JV is expected to contribute positively to the future earnings of the group as and when the proposed development of the land comes on-stream,” said Ho Hup.

The implementation of the proposed JV is to be funded via internally-generated funds and/or external borrowings, and is expected to be completed within 48 months from the approval date of its building plans. — theedgemarkets.com

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