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Lum Chang Holdings unit in JV with Malaysian company for mixed-use project
LUM Chang Holdings (LCH) has tied up with Tien Wah Press Holdings Berhad (TWPH) through a joint venture to undertake a mixed-use development in Malaysia.
In a filing to the Singapore Exchange on Monday, LCH said that it had on May 16, through its wholly owned unit Kemensah Holdings Pte Ltd, inked a shareholders' agreement with TWPH unit Tien Wah Properties Sdn Bhd (TWPSB) to form a joint venture (JV). The JV company Sterling Model Sdn Bhd will own, manage and develop the mixed-use project.
This JV company will have an issued and paid-up share capital of RM10 million (S$3.4 million). It has also entered into a sale and purchase agreement with TWPSB to acquire a piece of leasehold industrial land in Petaling Jaya for RM63.75 million. The 13,040 sq m plot has a lease residue of about 44 years.
"The proposed acquisition is a continuation of the LCH Group's property and development business in Malaysia," LCH said in the filing.
"The board believes the proposed acquisition represents a prime investment opportunity to consolidate the LCH Group's property and development portfolio in Malaysia."