Jetson plans luxury Penang project

KUALA LUMPUR (July 4): Kumpulan Jetson Bhd unit Jetson Development Sdn Bhd has tied up with Fortress Effect Sdn Bhd to develop 33 high-rise luxury condominium units on three pieces of freehold land in Penang.

In a filing with Bursa Malaysia, it said the residential development will be known as "The Macalister" and will be located in George Town. It said the co-developer, Fortress, was nominated by Everbright International Engineering Sdn Bhd, which in turn is 100% owned by Everbright International Construction Engineering Corp registered in Beijing.

Jetson's entitlement under the proposed joint development will be 30% of the gross development value while Fortress' entitlement will be 70%.

This story appeared in The Edge Financial Daily on July 4, 2012.

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