KUALA LUMPUR: TRC Synergy Bhd’s wholly owned subsidiary, ADS Projek Sdn Bhd, has entered into a joint land development agreement with Syarikat Prasarana Negara Bhd. The joint venture is to undertake a mixed development on a piece of land surrounding Station 2 of the Kelana Jaya extension project.
In a filing with Bursa Malaysia, the company said the proposed project, with an estimated gross development value of RM687.6 million, comprises basement parking, LRT parking bays for commuters, office units, retail podium, residential apartments, hotel, food court and small office/home office (soho) units.
Under the proposed development, Prasarana will appoint ADS Projek to develop the land. ADS has agreed to finance, undertake, carry out and successfully complete the development within 60 months from the date of approval of the development order and building plan.
TRC Synergy said the proposed development would augur well for the group and is expected to contribute positively to the future earnings and cash flow of the company. — Bernama
This article first appeared in The Edge Financial Daily, on March 26, 2013.
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