KUALA LUMPUR, Furniture maker Sand Nisko Capital Bhd (SNC) plans to develop an estimated RM50 million gross development value (GDV) residential development project in Melaka.
In a statement today, it said that its property and housing development subsidiary, Len Cheong Resources Sdn Bhd (LCR) has entered into a joint venture agreement with Professor Datuk Dr Raduan Che Rose (landowner) to develop a mini township in Durian Tunggal, Alor Gajah.
“LCR’s role involves the application for approvals from the appropriate authorities, as well as the construction works and completion of building units.
“In return, 12 per cent of the total number of units developed will be the landowner’s entitlement,” said SNC.
The group said LCR will be exploring possibilities of working with landowners of surrounding lands in the area to develop the estimated RM50 million GDV development project.
SNC managing director Emily Sow Mei Chet said the agreement represents a strategic opportunity for the group to increase its land bank in Melaka, thereby ensuring growth and sustainability of revenue and profitability for the group.
Source: BERNAMA News Agency