KUALA LUMPUR: Koperasi Guru-Guru (M) Bhd (KGMB) and Obor Timur Holdings Sdn Bhd are forming a joint-venture to launch a housing development project in Subang 2, Selangor.
The high-end development which is expected to begin in the next three months has a gross development value (GDV) of RM45 million.
"The project is on a 2.58 hectare leasehold site and comprises 90 units of two-storey houses ranging from RM399,000 to RM1 million. It is also close to a proposed Mass Rapid Transit station," KGMB chairman Abdul Aziz Mohamed told Bernama here yesterday, adding that the project is launched mainly for KGMB members with a 60% allocation.
He also said that the remaining 40% will be open for public sales.
"The development shall be completed in 24 months from the date of launch and we expect to sell all 90 units within six months," he added.
Obor Timur Managing Director Muazam Resalhague Zainal Abidin said the joint project with KGMB is one of three, the company will undertake this year. The others are in Kota Bahru and Kuala Lumpur.
Under the joint development agreement, KGMB is the land owner and main developer of what is its first housing project.
Obor Timur has been granted full development rights for the planning, management, financing, marketing, sales and completion of the project.