MMC and UMLand To JV in Land Development
MMC Corporation Bhd will enter into a joint land development with UMLand, with their subsidiaries MMC Frigstad Offshore Sdn Bhd and Exquisite Skyline Sdn Bhd (ESSB) respectively.
The project will be a 310-unit serviced residence along Persiaran Raja Chulan, with an estimated GDV of RM120million and GDC at RM74million
According to a report in the Edge:
It said Anglo-Oriental would sell the land for RM20 million to MMC Frigstad who would then grant ESSB the full and exclusive rights to manage the entire development of the project.
The RM20 million for the Raja Chulan Land was arrived at on a willing-buyer, willing-seller basis after taking into consideration of the market value of the land of RM19.6 million as appraised by Messrs Henry Butcher Malaysia Sdn Bhd.
Looks like there will be another new condo coming up soon in the Golden Triangle to compete with the many existing ones under construction. UMLand are experienced hands in development, evident from their projects in Bandar Seri Putra and Bandar Seri Alam. You can check out their website here.
