In a filing to Bursa Malaysia on March 26, Nilai Resources said BBND will enter into a joint development agreement on March 27 for a proposed mixed residential and commercial project on the land.
“Under the agreement, BBND will be entitled to a sum equivalent to 25.8% of the expected gross profits or actual gross profits from each phase of the project, whichever is the higher,” said Nilai Resources.The proposed development is expected to be completed within eight years ffrom the date of the agreement of which time frame may be extended for another two years, Nilai Resources said.
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