KUALA LUMPUR: Eastern & Oriental Bhd (E&O) and Mitsui Fudosan Co Ltd (Mitsui Fudosan) have formed a joint venture (JV) to develop luxury residences in Damansara Heights here with a gross development value of RM348 mil.
The development, comprising 54 units of three-storey villas/condominiums, is expected to be launched in the second half of 2020.
In a statement, E&O said it expects the project to contribute to the group’s earnings from 2021.
The JV is between E&O’s indirect wholly-owned subsidiary KCB Holdings Sdn Bhd (KCBH) and Mitsui Fudosan (Asia) Malaysia Sdn Bhd (MFAM), an indirect wholly-owned subsidiary of Mitsui Fudosan, via a new JV company in which KCBH will have a 51% stake and MFAM the remaining stake.
Upon incorporation, E&O said, a sale and purchase agreement will be signed for the new JV company to buy from Ambangan Puri Sdn Bhd, a wholly-owned indirect subsidiary of E&O, 14 plots of freehold land along Jalan Teruntung, Damansara Heights, of about 15,962.2 sq m, for RM88.33 mil.
E&O described Mitsui Fudosan as a renowned and reputable Japanese property developer, quoting E&O managing director Kok Tuck Cheong as saying: “This is an extension of our earlier successful collaborations on The Mews & Conlay, two noteworthy luxury apartments in the Kuala Lumpur City Centre.
“We are very excited to once again work closely with Mitsui Fudosan, with its vast experience and expertise, in the conceptualisation and development of this exciting new development.” – Dec 31, 2019 Bernama
