Advancecon has accepted the Letter of Award from Perak Corporation Berhad for the appointment as a joint venture partner for the development of the main infrastructure for the Silver Valley Technology Park Industrial Hub
The partnership will also include the sale of completed industrial lots with main infrastructure on thirty-nine pieces of leasehold lands measuring 798.24 acres all located in Mukim Hulu Kinta, Daerah Kinta, Perak for a total gross development value of RM1.03 billion.
This Proposed Joint Development is subject to the execution of a Joint Development Agreement to be entered into between Perak Corp and ADSB in due course. Advacecon is to obtain the financing facility for the Proposed Joint Development within fifteen months. The deal will allow Perak Corp and ADSB to be entitled to a revenue share of 35% and 65% based on the net development value respectively.
Advacecon sees the proposed Joint Development to contribute positively towards the future earnings for the duration of the development. The Group intends to fund the Proposed Joint Development via internally generated funds and/ or external borrowings.
