Ageson And China Developer To Joint Develop RM95 Million Housing Project

Solidvest a subsidiary of Ageson Berhad and China-based Shuangling have jointly agreed to undertake a proposed residential development project comprising 56 units of semi-detached houses, 4 units of bungalows on a piece of land held at Lot 9348, Mukim Batu, Daerah Gombak, Selangor Darul Ehsan.

Based in Shanghai, ShuangLing is a limited liability company incorporated in People’s Republic of China and is principally involved in construction and property development. ShuangLing is a wholly-owned subsidiary of Sunray China Holdings Limited.

The Proposed Development shall be completed within a period of 24 months from the Commencement Date. Through this collaboration, the Company is able to finance and kick-start the Proposed Development by the funds or finance by ShuangLing and/or ShuangLing to provide funding of up to RM50.0 million.

The residential development comprises 56 units of semi-detached houses, 4 units of bungalows all located in the vicinity of Gombak. The estimated GDV of the Proposed Development is based on the estimated gross selling prices of 56 units of semi-detached houses and 4 units of bungalows. As for gross development cost, the RM41.2 million for the Proposed Development mainly consists of building construction cost and excluding land cost. This is expected to be financed by ShuangLing of up to RM50.0 million.

Solidvest had obtained the separate individual titles of the Development Land from the Selangor State Land Office.

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