Nexgram To Develop 2.15 Ha Land Through JV
Date：2015/02/07
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KUALA LUMPUR -- Nexgram Holdings Bhd has entered into a joint-venture agreement with Top Valley Properties Sdn Bhd (TVP) to construct and develop an agriculture land in Dengkil, Selangor.
Under the agreement, TVP granted the sole and exclusive development rights over the 2.15 hectare leasehold land to Nexgram Land Sdn Bhd, which is wholly-owned by Nexgram.
In a filling to Bursa Malaysia Thursday, Nexgram said the project is for a mixed property development, including three tower blocks of service apartments and shops.
"TVP would be entitled to 4.5 per cent of the gross development value of the proposed development while Nexgram Land will be entitled to the remaining 95.5 per cent.
"Nexgram Land will be responsible for the development financing which will be funded by internally-generated funds and bank borrowings," it said.