PROPERTY developer HCK Capital Group Bhd has sealed a joint venture (JV) deal with landowner Bongsor Development Sdn Bhd (BD) to undertake a property development project in Cheras with an estimated gross development value of RM600 mil.
The deal entered into by the group’s indirect wholly owned subsidiary Trilink Essential Sdn Bhd (TESB) entails the development of the 6.87-hectare parcel of freehold land.
Under the JV agreement, TESB is granted “the exclusive and full rights to develop the land in such manner as it may deem fit” including:
- To plan and design the development;
- To obtain all relevant approvals from the authorities;
- To appoint consultants and contractors;
- To market and sell the units forming part of the development; and
- To collect and utilise proceeds from the sale of the units in accordance with the joint venture agreement’s (JVA) terms.
“TESB will be the beneficial owner of the land and is entitled to the development and the units as well as all revenues and proceeds derived therefrom except for those units to which BD is entitled under the JVA,” HCK Capital pointed out in a Bursa Malaysia filing yesterday (Sept 17).
“As BD is the new landowner upon the land transfer registration from its existing landowners, BD is entitled to both payments in cash and in kind (in the form of BD’s units) in a staggered manner according to stipulated timeline and progress of the development.”
Accordingly, TESB shall commence the development within two years from the unconditional date of the JVA or as both parties may mutually agree upon in writing.
TESB is expected to complete the construction of process not later than five years from the commencement date with an extension of one year or such longer period as both parties may mutually agree in writing.
The development will be funded via internal resources and/or bank borrowings with the precise funding mix will be determined later depending on capital structure and operational needs.
“By establishing its development footprint into Cheras which is a matured township with high population catchment and infrastructure readiness, the proposed JV is in line with HCK Capital Group’s strategic aim to expand its development portfolio within the Klang Valley,” rationalised the group.
“Alluding to HCK Capital Group’s motto of ‘Done. Differently. Definitely.’, the proposed JV reflects the group’s commitment to delivering project that stands out in idea, quality and design while meeting market needs and creating long-term value for stakeholders.”
Added HCK Capital Group: “In view of the above, the Board believes that entering into the proposed JV with BD is in the best interest of HCK Capital Group.”
At 11.15am, HCK Capital Group was unchanged at RM2.17 with 325,100 shares traded, thus valuing the property developer at RM1.35 bil. – Sept 18, 2025
