KUALA LUMPUR (Sept 21): Tanco Holdings Bhd has entered into a joint venture (JV) agreement with Accession Development Sdn Bhd to develop a residential project in Pekan Puchong Perdana, Petaling, Selangor.

An indirect wholly-owned unit of Tanco, Palm Springs Development Sdn Bhd, will undertake the design features and components of the project, followed by tabulating  an estimated gross development value (GDV) no less than RM500 million.

The JV entails 91% being Palm Springs’ stake with Accession having the remaining portion, according to Tanco’s filing.

Accession, formerly of Webs Terminal Sdn Bhd, is primarily involved in property development and an investment holding. Its directors include Cher Lee Kiat and Tan Siew Sim.

The estimated time frame for completion of the project is March 2028, or 54 months from the date of the JV agreement. The project will be primarily funded through internally-generated funds and/or borrowings, Tanco said.

Tanco shares closed unchanged at 55.5 sen on Thursday, giving it a market capitalisation of RM1.1 billion. The counter has rallied by 65% this year.