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Ivory Properties in Joint Development Agreement with Grand Uptown

Wednesday, 9 November 2016

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PETALING JAYA: Ivory Properties Group Bhd has entered into a joint development agreement (JDA) with Grand Uptown Sdn Bhd (GUSB) for the construction of a sewage treatment plant as part of a contract with the Government.

The two parties will undertake the project in return for an exchanged piece of land on which Ivory’s wholly owned subsidiary, Ivory Residence Sdn Bhd (IRSB) and GUSB will develop thereafter, Ivory said in a filing with Bursa Malaysia.

The project in question refers to the planning, designing, construction, interior design works, landscaping, equipping, installing testing and commissioning and completion of sewage treatment plants on Government-owned land, together with all necessary amenities.

The sewage treatment plant, governed under a tripartite privatisation agreement between GUSB, the Government and Syarikat Tanah and Harta Sdn Bhd (Hartanah), will see the Government appointing GUSB to develop the project for construction costs amounting to RM49.6mil in return for the exchange land.

The exchange land, located in Petaling, Kuala Lumpur, measures 2.03ha.

GUSB will grant to Ivory the sole and exclusive right to develop the exchange land as part of IRSB’s commitment to undertake the sewage treatment plant project, Ivory noted in its filing.

Among others, Ivory and GUSB will commit to bear and pay up to RM35mil to finance the treatment plant project. Ivory will also make payments progressively to the appointed contractors and consultants upon receipt of the certificate from the project’s architect certifying the completion of the relevant stages of work for the project.

The development of the exchange land will take an estimated 60 months to complete from the date of the receipt of the commencement of work order, or within a further extended time of 24 months upon the terms and conditions in the JDA being met.

According to Ivory Properties, the proposed joint development was in line with its strategic plan of expanding the company’s reach outside of Penang and to participate in property projects on a joint basis in order to minimise the needs for land acquisition.

Source by: Internet

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