KUALA LUMPUR (May 25): Malaysia Pacific Corporation Bhd (MPCB) and Real Trend Development Sdn Bhd (RTDSB) have signed a Memorandum of Understanding (MoU) to jointly develop Johor Affordable Housing scheme, or Rumah Mampu Milik Johor (RMMJ), under the state's housing policy with a gross development value of RM85.5 million.

The MoU also involves a commercial project comprising shop offices with a GDV of RM62.84 million. Both projects will be located in Plentong, Johor Bahru, MPCB said in a filing with Bursa Malaysia.

Landowner MPCB said RTDSB has proposed to develop 570 units of RMMJ in three phases with a proposed net profit of RM865,779.

Under phase one, a total of 242 units will be constructed, followed by 174 units in phase two and 154 units in phase three.

The commercial development comprising 100 units of shop offices is expected to generate a net profit of RM14.17 million.                                   

The parties agree that the construction cost for the proposed development will be borne by RTDSB.

MPCB said the MOU is expected to accelerate and boost the development of the project as a result of the synergistic collaboration of the expertise, resources and experience of both parties.

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