KUALA LUMPUR: Ho Hup Construction Co Bhd's subsidiary is teaming up with Malton Bhd's unit to develop a piece of freehold land, measuring 243,000 sq m into mixed commercial and residential development.
Under the agreement, Ho Hup said on Wednesday, March 17 the project would comprise of shopping complex, shopoffices, office tower, serviced apartments and hotel.
The joint development agreement (JDA) is between Ho Hup's Bukit Jalil Development Sdn Bhd (BJD) and Malton's Pioneer Haven Sdn Bhd.
BJD would be entitled to a minimum of RM265 million from the joint development."Given that BJD is facing financial constraints and unable to secure the financing to proceed with the development, the JDA will allow Ho Hup, through BJD, to generate revenue and profits without having to fund the development,” Ho Hup said in a statement to Bursa Malaysia on March 17.
"In addition, in the absence of any refinancing options, the entry into the JDA presents a viable alternative to restructure the amount owing to the existing charge and avoid foreclosure of the land," it said.
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