Yong Tai inks signs MoU for RM510m property development

PETALING JAYA: Yong Tai Bhd has entered into a memorandum of understanding (MoU) with PGCG Assets Holdings Sdn Bhd to jointly develop and construct mixed development properties in Puncak Alam, Ijok with a gross development value (GDV) of about RM510mil.
In a filing with the stock exchange last Friday, Yong Tai said it entered into the MoU with PGCG in respect of the proposed joint venture (JV) to jointly develop approximately 22ha of leasehold land located in Puncak Alam, Ijok
Yong Tai and PGCG, the registered owner of the land, have mutually agreed to negotiate exclusively the detailed terms and conditions of the proposal with the intention to finalise and enter into relevant definitive agreements.
The project will consist of 1,039 units of mixed commercial and residential properties.
"The project will be Yong Tai's first property development outside Malacca. We are optimistic on the success of this development due to the land's strategic location. Our plans in this JV are long-term and we are committed to grow this collaboration further," Yong Tai CEO Boo Kuang Loon said.