Damansara Realty in JV to develop shop lots in Johor Bahru

KUALA LUMPUR, Damansara Realty Bhd (DBhd) will jointly develop commercial shop lots on 1.17 hectares in Damansara Aliff, Johor Bahru, with Active Estates Sdn Bhd.

In a filing with Bursa Malaysia today, DBhd said its indirect wholly-owned unit DAC Land Sdn Bhd would be entitled to a sum equivalent to 40 per cent of the gross development value or RM41.62 million, whichever is higher.

DAC Land inked the joint land development agreement with Active Estates today to develop 68 units of three-storey and four-storey freehold commercial shop lots on the land.

Under the agreement, it will deliver the vacant possession of the land free from encumbrances while Active Estates will fully finance the design, construction and all other aspects of the development.

Source: BERNAMA (News Agency)