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Global Oriental Bhd, formerly known as Equine Capital Bhd, will develop a residential project across 6.18 hectares in Ipoh, Perak, with an estimated gross development value (GDV) of RM170 million.

The developer said in a filing with Bursa Malaysia that Macorp Holdings Sdn Bhd (MHSB), its wholly-owned subsidiary, has entered into a joint venture agreement (JVA) with the landowner, the Perak State Secretary Inc (SSI), for the development.

The agreement stated that SSI would offer the development land. MHSB would be responsible for the planning, design, building, and completion at its own cost and expense, in line with the authorised designs approved by the necessary authorities.

GOB said it has been looking for attractive prospects to extend its real estate development activities for a long time.

It said that because of the land’s location, the development has high growth potential.

“The JVA is likely to contribute positively to GOB group revenues in the future,” it stated.

Under the JVA, SSI will be entitled to a fixed sum of RM43 million, while GOB’s entitlement is the GDV arising from the proposed project less RM43 million.

GOB said MHSB would complete the project according to plans approved by the relevant authorities and the successful issuance of the Certificate of Completion and Compliance (CCC).

It said that the stipulated timeframe to achieve this is within 60 months from obtaining the approvals for the layout plan, pre-comp plan, and building plan.

Source from: New Straits TimesSharen Kaur, 31 August 2021

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