SMTrack Bhd’s wholly-owned subsidiary SMT Turbojet Resources Sdn Bhd will assist Menara Rezeki Properties Sdn Bhd (MRPSB) in performing the services based on the scope of work as set out in the project management consultant agreement worth RM80 million.
In Bursa filing, SMT said aid the rationale of the agreement was to establish business integration for diversification into other activities to enhance its revenue.
It said that MRPSB will pay SMT a total fee equivalent to ten percent (10%) of the estimated gross development cost for the Project which is approximately Ringgit Malaysia Eight Hundred Million RM800,000,000.
SMTrack said the project is expected to commence in the third quarter (Q3) of 2023, upon the land having been transferred and registered in the MRPSB’s name, while the estimated time for completion of the project is Q3 2027.
