Perak Corp signs agreement to develop Teluk Dalam land
Development of the Teluk Dalam land, measuring 56.
Development of the Teluk Dalam land, measuring 56.
Federal Court judge Datuk Zabariah Mohd Yusof ruled that the monastery’s proposed leave questions had not surpassed the Section 96 threshold under the Courts of Judicature Act as it involves questions of fact.
The statement of claim alleged that there was no application to extend the lease to Associated Pan Malaysia Cement Sdn Bhd.
Spritzer said the JV with construction firm KNP Development Sdn Bhd presents a good opportunity for the group to establish a foothold in the property development industry.
This is one of the four leasehold lands that Perak Corp bought in 1997 for RM41.
Under the JV, Perak Corp will be entitled to a revenue share of 35% based on the net development value while Advancecon will be entitled to 65%.
As part of the regularisation plan, the company had on March 31 this year entered into a master development agreement with PKNPk.
On Dec 16 last year, PKNP had signed a sale and purchase agreement to dispose of the land to LLSB for RM4.