E&O Prop and SelProp in JV Deal
Looks like the Damansara Heights real estate landscape is going to be changed a little more in the near future. An multi-million ringgit mixed development is being planned at this stage, jointly developed by E&O Property Development Bhd and Selangor Properties Bhd (SelProp). The planned project will comprise of commercial and retail space, and service apartments.
According to the report:
Under the deal, Puncak Madu Sdn Bhd, a joint venture company of E&O Property and SelProp, is acquiring the 16-storey Wisma Damansara together with the 1.1ha piece of land located in Jalan Semantan here from SelProp for RM100 million .
Wisma Damansara is adjoining a 2.62ha piece of land, which was acquired by Puncak Madu in February, 2005 for RM124.5 million.
Puncak Madu is a 40:60 joint venture between SelProp and E&O Property. E&O Property will raise its stake in Puncak Madu to 50% by subscribing to 20,000 new shares at RM1 each.
With the acquisition, the parties will jointly develop the combined 3.73ha site into a mixed development comprising commercial and retail space as well as service apartments.
This is definitely prime commercial space, we hope that the design and density would be suitable for this kind of area.
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Comment by nurul hafizah — August 18, 2007 @ 4:43 pm