KUALA LUMPUR (Aug 31): Property developer Global Oriental Bhd, formerly known as Equine Capital Bhd, has teamed up with Perak State Secretary Inc (SSI) to jointly develop a 15.28-acre parcel of land in Ipoh, Perak into a residential development with an estimated gross development value (GDV) of RM170 million.

In a bourse filing yesterday, Global Oriental said SSI and its wholly-owned subsidiary Macorp Holdings Sdn Bhd have entered into a joint venture (JV) agreement for the proposed project. SSI owns the land.

It added that the land has good development potential due to its location and the JV is expected to contribute positively to the group's earnings in the future.

Under the JV, SSI will be entitled to a fixed sum of RM43 million, while Global Oriental's entitlement is the GDV arising from the proposed project less RM43 million.

Global Oriental is responsible for the entire development financing, which will be funded by internal funds and/or bank borrowings.

The JV is not expected to have any material impact on Global Oriental's share capital, substantial shareholdings, earnings and net assets for the financial year ending March 31, 2022.

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