A new mixed development project in Kajang with a GDV of RM464 million will be jointly-developed by MKH Bhd and PR1MA Corp Bhd.
Metro KL City Sdn Bhd, a subsidiary of PR1MA, will be developing stratified residential and commercial projects in PR1MA’s 8.22-acre freehold land over the period of four years.
Metro KL will have a 70% share of profit and cost and will be making an initial capital investment of RM38 million for the start-up and preliminary works. This fund will be gathered via internally generated funds, bank borrowings or both.
According to MKH, the project will be completed within 36 months after a joint agreement is signed between Metro KL and the statutory body on Monday. However, Metro KL is required to submit a bank guarantee of RM18 million to PR1MA within the first six months.
Meanwhile, MKH believes that the project’s location offers a good potential for its housing and commercial units. The Kajang KTM Station is located mere minutes away, which links to the upcoming Kajang MRT station.
There are also New Era University College, primary and secondary schools, banks, eateries, shopping complex and hospitals, which are located within a 1km to 2km radius.
Mangalesri Chandrasekaran, Editor at PropertyGuru, edited this story. To contact her about this or other stories email mangales@propertyguru.com.my
