Gadang in RM160m joint-venture project

PETALING JAYA: Gadang Holdings Bhd is undertaking a joint venture for the development of a parcel of residential land measuring 17.5 acres in Puchong with an estimated gross development value (GDV) of about RM160 million.

In a filing with the stock exchange, Gadang said its indirect wholly-owned subsidiary Tema Warisan Sdn Bhd had entered into a joint-venture agreement with Perikatan Progresif Sdn Bhd for the proposed development, which will comprise town houses.

It proposes to use its internally generated funds or external borrowings for the development.

Gadang said the joint venture is in line with its ordinary course of business which is in construction and property development and will enhance the group’s future earnings.