In a statement to Bursa Malaysia today, JAKs said its unit JAKS Island Circle Sdn Bhd had signed a joint development agreement with Star to undertake an estimated RM370 million mixed-project on a 2.5ha (24,568 square meters) leasehold site along Jalan University in Section 13, Petaling Jaya.
The site is adjacent to the Jaya One commercial centre.
"JAKS group has the expertise in the construction business and the proposed development will forge the JAKS group forward into the related industry of property development.
"The entire proposed development is expected to be completed within sixty months from the development commencement date," JAKS said in a statement.
Both Star and JAKS will jointly apply for banking facilities not exceeding RM 50 million which will be charged against the land to partly finance the proposed development.
By The EDGE Malaysia (by Chong Jin Hun)
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