SYCAL Ventures Bhd's subsidiary Sycal Properties Sdn Bhd (SPSB), formerly known as Cygal Properties Sdn Bhd, has entered into a joint-venture agreement to jointly develop 122 units of shoplots and 92 units of residential buildings in Perak.
In a statement to Bursa Malaysia late Monday, Sycal said the estimated gross development value and construction/development costs for the joint- venture development are RM77 million and RM61.1 million respectively.
The project, with Syarikat Juwasa Khidmat Sdn Bhd (SJK), will be located in Aulong Lama Tambahan, within a development known as Rancangan Kampung Tersusun, Aulong Lama, Mukim Assam Kumbang in the districts of Larut and Matang.
The property, covering about 10ha, is about 2.5km to the east of Taiping town.
SPSB's entitlement from the project will be 78 per cent of the gross sale revenue from the shoplot units and 80 per cent from the residential buildings, while SJK will get the remainder.
Sycal said the development will increase the landbank of the group for future development and contribute positively to its order book.
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