KUALA LUMPUR: Kerjaya Prospek Property Bhd (KPPROP) has partnered with Aspen Vision City Sdn Bhd (AVC) to jointly develop a parcel of freehold land located within Aspen Vision City, Batu Kawan, using a special purpose vehicle (SPV).
In a filing with the bourse, the arrangement will be managed by the corporation's wholly-owned branch, Kerjaya Property JV Sdn Bhd (KPJV), which will possess 70 per cent of the shares, while AVC will own 30 per cent of the shares in the special purpose vehicle (SPV).
"The agreement is undertaken for the purpose of jointly developing the land into a mixed development comprising hotel, residences, serviced apartments, retail units and/or office blocks in accordance with development approvals," it said.
AVC will receive RM46.1 million from the special purpose vehicle as payment for making the land available for development, as outlined in the agreement.
The agreement is expected to be completed in the fourth quarter of 2024 (4Q24).
Kerjaya Prospek states that the land in Batu Kawan is strategically positioned and highly desirable among investors.
"In addition, the JV will enable KPPROP to focus on its core business of property development. The proposed development will add on to KPPROP's future project pipeline and income streams," it added.