Encorp Berhad has entered into a joint venture agreement with Jentayu Sustainables Berhad via its indirect-owned subsidiary, Ipmuda Properties Sdn Bhd, to develop a 1.6 acres of residential land worth an estimated gross development value of RM67.7 million at Bukit Kepayan, Kota Kinabalu, Sabah.
The low-density leasehold development of Kristal Phase 2 Condominium will encompass the development of 166 units over a Tower block of 10-storey with an average built-up area ranging from 523 sqft to 766 sqft.
The development is estimated to commence in July 2022 and is due for completion by June 2026. Strategically located about 8km from Kota Kinabalu city centre and surrounded by matured residential and commercial developments with easy access via the Jalan Kepayan, Jalan Lintas, Jalan Sembulan and Jalan Penampang.
Commenting on the JVA, ENCORP Group Chief Executive Officer, Encik Hazurin Harun said, “ENCORP is excited to venture into its first property development in Sabah as part of its expansion plan. This partnership presents an opportunity to enhance our reputation to become a major player within the property industry in Sabah.
Under the terms of the agreement, JENTAYU will grant development rights to ENCORP and in return, JENTAYU shall be entitled to a consideration sum equivalent to 15% of Gross Development Value of the development with minimum sum of RM10.8 million to a maximum sum of RM11.3 million.
