TA Global enters JV on mixed devlopment in Canada

KUALA LUMPUR: Recently-listed TA Global Bhd furthered its expansion into Canadian real estate with a new mixed-development project through a joint venture (JV) with a Canadian developer.

The C$170 million development named The Gardens will span over 22 acres in Richmond, British Columbia that was formerly occupied by an amusement park.

The project will be developed in six phases over a period of seven years from 2010.It comprises 470 residential apartments and approximately 70,000 sq ft of retail and office space. The project will offer unique features including plots of land including rooftops for agricultural purposes, the group said in a statement dated Nov 26.

The project will be undertaken by The Gardens Joint Venture, a joint venture between group subsidiary TA Development One Ltd and Townline Gardens Inc.

The JV will undertake the rezoning, development, construction, servicing and stratifying of the land. TA Development One owns a 65% stake in the venture and contribute C$11.7 million while Townline Gardens will contribute C$6.3 million, the group said.

TA Global’s international property portfolio comprises the Radisson Plaza Hotel in Sydney and Westin Melbourne both in Australia; the Aava Whistler Hotel and the Terasen Centre in Canada.


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