Upaya Jernih to build college tower, condominiums and shop offices for Segi

KUALA LUMPUR: Main board listed tertiary educator, Seg International Bhd. or Segi International (Segi) through its wholly owned subsidiary Metromas Realtors Sdn Bhd has signed an agreement with Upaya Jernih Sdn Bhd (Upaya) to develop and build a variety of buildings in Kota Damansara, Selangor.

Segi said in a statement to Bursa Malaysia on Friday Feb 5 that it has signed a development agreement with Upaya for the latter to build a block of college tower, two blocks of condominiums and 44 units of shop offices on a land measuring approximately 28,689 square metres at Lot 1, Jalan Teknologi 2/1, Taman Sains Selangor, Kota Damansara, subject to the approval of the relevant authorities.

The leasehold plot has 99 years tenure expiring on Jan 25, 2104. Segi owns the land through its subsidiary Metromas Realtors. The development is expected to be completed in three years from the commencement of construction, and actual construction will start no later than twelve months from today.

Upaya is bound by the agreement to ensure that it pays Segi the completed units from the proposed development equivalent to the value of no less than RM35 million.

These buildings are expected to “enchance Segi’s net assets in the long term” the statement added. But it is not expected to have any material impact on the earnings, net assets and gearing for the company for the financial year ending Dec 31, 2010.

This proposed development will also allow Segi University College to increase its student intake and accommodation, the statement said.