SYF to jointly develop RM160m project in Sg Long

KUALA LUMPUR: SYF Resources Bhd’s unit SYF Development Sdn Bhd will develop a residential project with a gross development value of RM160 million in Sungai Long, Cheras, Selangor.

In a filing with Bursa Malaysia yesterday, SYF said it has entered into joint venture (JV) agreements with Luxmark View Sdn Bhd and Sheeco Properties Sdn Bhd  to jointly build condominiums and Rumah Selangorku units on the 8.1-acre (3.28ha) piece of land.

SYF expects the project to be completed within four years, after getting approval of building plans, which will be obtained within two years of the date of the JV agreements.

Under the JV, Luxmark and Sheeco are entitled to RM16.2 million and RM14.88 million, respectively.

Luxmark owns 4.2 acres of the land, while another 3.9 acres is owned by Sheeco.

Recently, Insas Plaza Sdn Bhd, a unit of Insas Bhd, emerged as a substantial shareholder of SYF, which is involved in furniture making and property development.

This article first appeared in The Edge Financial Daily, on July 22, 2014.