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KPS, Setia Eco get more time to fulfil conditions of JV development agreement

KUALA LUMPUR (April 16): Kumpulan Perangsang Selangor Bhd (KPS) said a five-month extension has been granted for the fulfilment of conditions precedent in the agreement signed between its unit Cash Band (M) Bhd and Setia Eco Templer Sdn Bhd for the joint-development of a RM1.24 billion high-end mixed project in Templer Park.

Setia Eco, formerly known as Rockbay Streams Sdn Bhd, is a 100%-owned subsidiary of SP Setia Bhd.

In a filing to Bursa Malaysia today, KPS said the extension was given for the approval period for the fulfillment of conditions precedent in the development agreement that was signed between Cash Band and Setia Eco on Feb 6, 2013.

The approval period has been extended until June 5 this year, it added.

The RM1.24 billion high-end residential and commercial property in Templer Park is to be developed on the site of the Perangsang Templer Golf Club.

Under the agreement, SP Setia’s role is to develop the land and sell the commercial and residential units, with Cash Band as the landowner.

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