Gabungan AQRS Berhad announced that its subsidiary has entered into a new joint venture agreement with Rising Charm Sdn Bhd to supersede the previous agreement for an integrated commercial development project in Bangi, Selangor.
The new JVA was signed on June 15, 2026 between GBG Development Sdn Bhd (GBGDV), a wholly-owned subsidiary of GBG Property Sdn Bhd, which is in turn wholly owned by GBGAQRS, and landowner RCSB.
The revised agreement replaces the previous JVA announced on Dec 3, 2025, following mutual agreement between both parties to incorporate updated terms and conditions.
Under the revised arrangement, changes were made to the allocation of the landowner’s units from the existing development.
The landowner’s units from the existing development will now be delivered in two separate listings:
- 37 units of E’island Lake Haven Listing 1, with sales and purchase agreements (SPA) to be executed within 14 days from the unconditional date; and
- 7 units of E’island Lake Haven Listing 2, with SPAs to be executed within 14 days from completion of the project.
GBGAQRS said the E’island Lake Haven project has obtained its Certificate of Completion and Compliance (CCC) and is free from encumbrances.
The company added that the revised terms are expected to significantly ease the project’s cash flow position.
Apart from the amendments relating to the landowner’s unit allocation, all other terms and conditions under the JVA remain substantially unchanged from those previously disclosed.
The integrated commercial development is located on a piece of land in Pekan Kampung Sungai Tangkas, Daerah Ulu Langat, Selangor, also known as Bangi.
