CapitaLand terminates Bukit Bintang link bridge project

PETALING JAYA: CapitaLand Malaysia Mall Trust (CMMT) has terminated the joint collaboration agreement for the construction of a link bridge between Sungei Wang Plaza and the existing pedestrian bridge leading to Berjaya Times Square.
In a stock exchange filing, CMMT manager Capitaland Malaysia Mall REIT Management Sdn Bhd said the trustee (MTrustee Bhd) has written to K Two Realty Holding Sdn Bhd to serve a notice that a termination event, being that a pre-condition of the JCA could not be fulfilled requiring a termination of the JCA.
The JCA was inked on June 1, 2017, with an estimated project construction cost of RM8.5 million and the contribution of each party was initially RM4.25 million to be made in progressive payments to meet the cost of the project.
CMMT's share price fell 0.7% to close at RM1.37 on some 342,900 shares done.