Melati Ehsan Holdings to develop 34.3-acre residential project in Bukit Tengku, Shah Alam

KUALA LUMPUR: Melati Ehsan Holdings Bhd on Monday, July 12, announced plans to develop 34.3 acres of land in Bukit Tengku, Shah Alam, through a development agreement signed on the same day between its wholly owned subsidiary, Bayu Melati Sdn Bhd, and the landowner Tengku Shahrudin Sdn Bhd.

According to a filing by Melati Ehsan to Bursa Malaysia on July 12, the 34.3 acres comprises six tracts of land that would be developed into residential areas. The agreement stated that Melati Ehsan Holdings will pay the landowner RM55 million for the lands through a progress payment schedule.

The developer said that the proposed development would generate revenue and profits to the Melati Group, as well as expand the property market of the group in a strategic location in Selangor, which is envisaged to have good development potential.

The development, with an estimated gross development value of RM270 million, is expected to commence in 4Q2010 and be completed by 1Q2013.