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Oxley JV company appoints developer for Negeri Selangor land

OXLEY'S joint-venture company, Peninsular Teamwork, has granted developer Grand Place Development the rights to develop the freehold vacant land of 6.1588 hectares held by Peninsular Teamwork under GM 269, Lot 347, Mukim Ulu Kelang, Tempat 6¾ Mile Ulu Kelang, Daerah Gombak, Negeri Selangor, Malaysia, into a residential housing development.

The landowner, Peninsular Teamwork, which is 50 per cent held by Oxley, will be entitled to be paid 103 million ringgit (S$33.7 million) for the cost of the land, as well as a certain percentage of the development profit (being the gross sales value of the development less the development expenditure).

The development agreement is conditional upon approval from the relevant authorities to revise the existing development order and building plans to reflect the new specifications to be determined by the developer, among other things.

Grand Place Development is an affiliate of Trinity Group. Trinity Group is a boutique developer that established its presence in Klang Valley, Malaysia, with a reputable track record in residential, mixed commercial and industrial developments, Oxley said.

Oxley shares rose half a Singapore cent or 1.43 per cent to S$0.355 on Wednesday.