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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
DBS customers unable to log into digibank, PayLah! on Thursday
NYSE-parent ICE’s revenue misses as muted IPO markets offset record energy trading
Amazon bets big with CrowdStrike on cybersecurity products
Goldman Sachs scraps EU-era bonus cap for top bankers in UK: source
Thomson Reuters lifts 2024 forecast on first quarter revenue result
US: Wall St opens higher after Fed leaves interest rates alone