Penang-based Ivory Properties Group Bhd will jointly undertake the construction of sewage treatment plants on government and private land with Grand Uptown Sdn Bhd at a cost of RM49.6 million.
Under the proposed joint development, Ivory will also jointly develop a 5.02-acre (20,330 sq.m) piece of leasehold land in Cheras, Kuala Lumpur with Grand Uptown. The land will be given to Grand Uptown under a tri-partite agreement between the company, the government and landowner Syarikat Tanah and Harta Sdn Bhd, as a condition to undertake the construction of sewage treatment plants in return for the land.
Ivory Properties said its wholly-owned subsidiary Ivory Residence Sdn Bhd (IRSB) has entered into a joint development agreement (JDA) with Grand Uptown for the proposed project in return for the exchange land on which IRSB and Grand Uptown will jointly develop thereafter. The JDA also grants Ivory Properties the sole and exclusive rights as developer to develop the exchange land.
Of the RM49.6 million construction cost, Ivory Properties will pay up to RM35 million, with Grand Uptown to bear and pay the balance sum for the proposed project.
Title no: PN52396
Lot no: Lot 17692, Mukim Petaling, Daerah Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur
Land area: 5.02-acre (20,330 sq.metres)
Tenure: Leasehold 99-year (expiring on 17 November 2114)
Category of land use: Building
Land price: RM49.60 mil (RM227 psf)
Date of announcement: 8 November 2016
Note: Land price is derived from the contract sum of construction cost of sewerage treatment plant (RM49.6mil) in exchange for the land.