Gabungan AQRS Bhd’s subsidiary Gabungan Strategik Sdn Bhd has signed a joint-venture agreement with Monolight IBS Building System Sdn Bhd to develop PR1MA houses in Kuantan, Pahang for RM424.23 million.
In a recent filing with Bursa Malaysia, the firms said that they will also be involved in developing the amenities, utilities, facilities and infrastructure of the project, and the joint-venture agreement was conditional upon the fulfilment of the master agreement.
According to the agreement, the conditions must be fulfilled on Oct 2016, and both parties mutually agree to further extend the time if unable to meet the deadline.
Currently, Monolight IBS Building System holds 51 percent of the share, meanwhile, Gabungan Strategik holds 49 percent share in the joint-venture.
Image: Sourced from The Malaysian Reserve
Mangalesri Chandrasekaran, Editor at PropertyGuru, edited this story. To contact her about this or other stories email mangales@propertyguru.com.my
