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PETALING JAYA: Bandar Raya Development Bhd has formed a joint venture with Country Heights Land Sdn Bhd (CHLSB) to undertake a development at a 47.6-acre site in Seri Kembangan, Selangor.The joint venture firm, Earth Pavilion Sdn Bhd, will be 75% owned by Bandar Raya and the rest held by CHLSB.
An integral part of the JV is the acqusition of 66 parcels of leasehold land in Seri Kembangan from Bluwater Developments Bhd for RM160mil cash.
“The proposed development of the Bluwater land comprises 310 semi-detached homes and 13 bungalows,” Bandar Raya told Bursa Malaysia yesterday.
The gross development value of the project is estimated at RM652mil, while total project cost was RM481mil. The projected gross development profit is RM170mil, giving it a margin of 26.1%. The project is scheduled to start in the last quarter of 2011, to be completed within five years.
By The Star
