Boustead completes JV and land acquisition to build Spa Resort in Pahang

KUALA LUMPUR: Boustead Holdings Bhd announced the completion of a joint-venture (JV) exercise and the acquisition of land in Cherating, Pahang on the same day as its filing with Bursa Malaysia on Tuesday, July 6.

In a previous filing on May 6, 2009, the Group’s wholly owned subsidiary Boustead Hotels and Resorts Sdn Bhd along with Tacorp Holding Sdn Bhd entered into a joint-venture agreement to incorporate Midas Mayang Sdn Bhd.

The new company would develop two pieces of land, measuring collectively 3.2 acres, in the locality of Kampung Cherating Lama in Pahang, along with an adjacent property measuring 4.2 acres, into a hotel resort called Royale Cherating Resort & Spa Kuantan.

In addition, a sales and purchase agreement was entered into by Midas Mayang with Tacorp Holdings to purchase the two mentioned pieces of land for RM4.2 million.

The property is 44 km north of Kuantan town centre.