In a filing to Bursa Malaysia on Monday, July 5, the developer said its unit Grand Prestige Development Sdn Bhd had on the same day entered into a joint venture (JV) agreement with the landowner for the joint development of the piece of residential land with total gross area measuring approximately 13.2 acres
Under the agreement, Medan Damai shall grant Grand Prestige the exclusive rights to continue with the sales and development of the JV land in return for an entitlement of RM35.4 million, which will be paid progressively over a period of 12 months.
The JV land forms part of the 274 acres of on-going Taman Damai Utama development commenced by the landowner. The township is a matured development with more than 600 units of 2- and 2½-storey terrace houses sold and handed over.
The commercial portion of development comprising more than 100 units of terrace shop/offices are also fully sold except for the bumiputera units.
The joint venture land comprises a total of 180 vacant 2- and 2½-storey terrace house lots with aggregate estimated gross land area measuring approximately 13.2 acres (net aggregate area of 7.59 acres).
The landowner has commenced development on the joint venture land with main infrastructure such as main drain, reservoir, sewerage treatment plant and TNB substations completed. Main access road leading to the land is also completed.
Medan Damai, with authorised share capital of RM10 million comprising 10 million shares of RM1 each, is a unit of Mahajaya Bhd and is principally involved in property development. it has an issued and paid-up shares of 6.5 million shares.
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