Global Oriental Bhd is teaming up with Malton Bhd for a mixed development project on 38.34 acres of land in Sungai Long, Cheras.
Global Oriental’s wholly-owned subsidiary Fame Action Sdn Bhd signed the deal on 23 June 2017 with Malton’s wholly-owned unit Layar Raya Sdn Bhd (“LRSB”). The seven plots of freehold land are to be developed as a mixed development at the absolute discretion of Fame Action as the developer. Layar Raya is entitled to 18% of the net development value of the project, which shall not be less than RM65 million.
The development is expected to be carried out and completed in phases over a five-year period from the date of the development order being approved. Subsequently, the deal can be extended for a further two years subject to market supply and demand conditions. At this juncture, the development is still at the planning stage and the details of the mixed development components have yet to be finalised.
Article adopted from TheEdge.
Title no: Geran 123368 – 123370 and Geran 31298 – 31301
Lot no: Lot 4193 – 4195 & Lot 4293 – 4296, all situated in Mukim of Cheras, Daerah Ulu Langat, Selangor Darul Ehsan
Land area: 38.34-acre
Category of land use: Agricultural and none
RM13.875 mil (RM8.30 psf) – Malton’s original cost of investment in 2006 – 2007.
RM65 mil (RM38.90 psf) – Assumed land value. Derived from Malton’s minimum entitlement from the development.