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Jade Marvel plans to develop RM25 mil residential project in Penang

KUALA LUMPUR (Sept 22): Jade Marvel Group Bhd plans to build a residential housing project in Penang with a gross development value of up to RM25 million.

Jade Marvel’s unit, Great Marvel Sdn Bhd (GMSB), has inked a joint-venture agreement (JVA) with JSC Land Sdn Bhd today to develop a 1.31-hectare freehold land owned by GMSB in Simpang Ampat.

"The joint venture is in line with the group’s strategy to grow its property development segment through strategic partnership," Jade Marvel said in a filing with Bursa Malaysia.

The residential housing development would include three-storey terrace/linked houses.

Under the agreement, GMSB will be entitled to receive from JSC a total of RM7 million in cash or by way of contra of house units within 36 months from the issuance of the Advertisement and Sale Permit and Developer’s Licence.

The first payment of RM300,000 is receivable upon execution of the JVA, Jade Marvel said, adding that construction works are expected to commence by the end of next year.

Jade Marvel is in the manufacturing, property development, construction and investment business.

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