By THE EDGE
KUALA LUMPUR: Dijaya Corporation Bhd has entered a joint-venture (JV) agreement with Aliran Firasat Sdn Bhd to develop the latter’s commercial land in Pekan Baru Sungai Buloh, Selangor, for an estimated gross development value of RM200 million.
It said yesterday that it had entered into the JV via its subsidiary Nadi Jelita Sdn Bhd to develop 8.43 hectares of land into an integrated commercial development comprising shop-offices together with car park facilities and other necessary infrastructure.
Nadi Jelita will finance the project using cash advances funded by Dijaya via internally generated funds and bank borrowings. Nadi Jelita will be responsible for all related work and should the cost exceed RM40 million, it will be borne by Aliran Firasat.
The land has a net book value of RM65.6 million and the total development cost of the project excluding land is RM110 million.