MoU to develop Tempat Sungei Puteh extended

KUALA LUMPUR: The Memorandum of Understanding (MoU) for a proposed joint venture (JV) agreement between Sycal Properties Sdn Bhd and Global Net Communications Sdn Bhd has been extended to Jan 31, 2010.

The MoU was initially announced by Sycal on June 16, 2008 and its latest extension was announced today (Nov 25, 2009) on Bursa Malaysia

The objective of the JV is for the companies to jointly develop three plots of land, which together measure approximately 2.032 acres, into a high-rise condominium.

The land is located in Tempat Sungei Puteh, Kuala Lumpur. The extension was announced to give the parties more time to finalise the JV agreement.