KUALA LUMPUR (July 4): After six years, property development and construction firm TWL Holdings Bhd, formerly known as Tiger Synergy Bhd, has decided to scrap its plans to jointly develop a residential and/or commercial development in Klang, Selangor, with LJ Development (KL) Sdn Bhd.
In a filing with Bursa Malaysia on Tuesday (July 4), TWL said its wholly owned subsidiary Kejuruteraan TWL Sdn Bhd and LJ Development had mutually agreed to terminate the memorandum of understanding that both parties had entered into in June 2017.
Under the proposed joint venture, TWL was to develop and construct residential and/or commercial units in the project, which was estimated to have a minimum gross development value (GDV) of RM80 million. LJ Development would be entitled to receive from TWL a number of units with the total value equivalent to 30% of the GDV.
The directors of LJ Development are Tan Li Li, the sister to TWL executive chairman Datuk Tan Wei Lian and its deputy chairman and managing director Tan Lee Chin, and Joanna Yong Hui Fun, who is the sister-in-law to Wei Lian and Lee Chin.
Earlier on Monday, TWL announced that it had entered into an agreement on June 29 to acquire two pieces of land in Klang, measuring a total of 3.6674ha, from Credence Property Management Sdn Bhd for RM30.3 million.
TWL said it intends to undertake the proposed acquisition with a view to develop the land into a residential project comprising 1,000 units of affordable apartments, which have an estimated GDV of RM330 million and gross development cost of RM220 million.
Barring unforeseen circumstances, the proposed acquisition is expected to be completed by the fourth quarter of 2023.
TWL shares closed unchanged at 3.5 sen on Tuesday, giving it a market capitalisation of RM146.4 million.
Source: EdgeProp.my
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