KUALA LUMPUR: Tan & Tan Developments Bhd and MJR Investment Pte Ltd (MJRI), a company formed by Mitsubishi Jisho Residence, will jointly develop a piece of land in Kuala Lumpur City Centre with a gross development value (GDV) of RM617 million.
The companies entered into a joint venture agreement through an equity participation in Cipta Klasik (M) Sdn Bhd, a single purpose vehicle set up for the purpose of this development, with Tan & Tan owning a 70 per cent stake and MJRI holding the remaining 30 per cent.
Tan & Tan Developments Chief Executive Officer Tan Boon Lee said the 41 storey upscale residential property would comprise 400 units of serviced apartments ranging in unit size from 688 sq ft to 1,313 sq ft.
The project was slated to be launched in the middle of next year and would be completed by 2018, he said.
“We expect to garner 30 per cent foreign buyers and the remaining to be locals,” he told a press conference after the signing ceremony for the joint venture yesterday.
The agreement was signed by Tan, Tan & Tan executive director Teh Boon Ghee, MJRI senior executive officer Katsuaki Mori while Mitsubishi Estate Asia was represented by Shojiro Kojima.
Tan said both companies were looking at long-term relationship and future collaboration beyond the current development.
The agreement also marks a significant step for the Mitsubishi Estate Group as this is its first foray into Malaysia as part of long-term plans to accelerate its growth in Asia’s fast growing markets. – Bernama