Oxley unit signs JV to develop M'sian project

OXLEY Holdings yesterday said its wholly owned subsidiary, Oxley Ruby Sdn Bhd, will develop a 15.28-acre freehold land in Malaysia's state of Selangor.

Oxley Ruby was granted the rights to develop the land after it inked a joint venture agreement with the landowner, Peninsular Teamwork Sdn Bhd. The agreement provides for Oxley Ruby to have sole and absolute discretion to develop the land in any manner it deems appropriate, and at its own cost.

Oxley Ruby will bear all state development charges up to a maximum aggregate amount of RM12 million, while Peninsular will bear 30 per cent of any amount beyond the first RM7 million.