KUALA LUMPUR, Acoustech Bhd’s unit, Teras Eco Sdn Bhd and its partner, will develop 66 units of double and three-storey shop offices in Johor with a gross development value of RM44.1 million.
In a filing with Bursa Malaysia, Teras Eco on Thursday inked a joint venture agreement with Sun Rock Development Sdn Bhd, a unit of Protasco Bhd.
The gross development cost for the project in Johor Bahru attributable to and to be borne by the Teras Eco is RM22.1 million, while funds for the project will be internally generated or bank borrowings.
Under the project, Sun Rock will construct 17 units of shop offices.
Barring unforeseen circumstances, the project is expected to be completed by December 2022, Acoustech said.
It said the project would provide access to a development land measuring 2.38 hectares in a prime and bustling industrial hub that offers all-rounded facilities to support the growing community in Johor.
The project is also expected to contribute positively to the profitability and cash flow of the group over the next three years.
Source: BERNAMA (News Agency)