KUALA LUMPUR, April 20 — Landasan Bayu Sdn Bhd has signed a joint development agreement (JDV) with Malaysian Rubber Board (LGM) to undertake a mixed commercial development project worth RM1.33 billion in gross development value (GDV).
In a filing to Bursa Malaysia, Crest Builder Holdings Bhd (CBHB), which owns 51 per cent of Landasan Bayu, said the project, which comprised retail, premium residential and office lots, will be located on 1.92 hectares in Jalan Ampang here.
“LGM shall be entitled to 22.5 per cent of the GDV with the guaranteed amount of RM299.85 million. LGM’s entitlement will be paid RM20.71 million in cash and in kind which consist of a corporate office tower and apartments with a projected value of RM279.13 million,” it said.
In a separate statement, CBHB’s Group Managing Director Eric Yong, said the joint partnership with LGM was a recognition for the company as a growing premier property developer.
“The project will further enhance our profit performance,” he said.