PETALING JAYA: Vivocom Intl Holdings Bhd has been appointed as the turnkey contractor for the development of a mixed development in Ipoh with a contract worth RM160 million. In a filing with Bursa Malaysia yesterday, Vivocom said its subsidiary Vivocom Enterprise Sdn Bhd (VESB) had entered into a heads of agreement (HOA) with De Facto Integrated Sdn Bhd for the development of the land. “Subject to the execution of the final agreement, De Facto will appoint VESB as the main contractor for the project at an estimated contract value of RM160 million,” it said. The execution of the final agreement shall be conditional upon the finalisation and completion of the contract bill of quantities. The Ipoh District and Land Office is the legal and beneficial owner of the vacant land. De Facto is the appointed developer to develop the land with an estimated gross development value of RM200 million, comprising one tower of “mediplex” and one tower of service suites. Subject to the terms and conditions of the HOA, De Facto will appoint VESB as the turnkey contractor to design, construction of structures, infrastructures and all associated works on the development. In turn, VESB is required to complete the construction of the whole project within 24 months after the launch. The final agreement for the project is to be signed by the parties by May 15, 2016, unless further extended by mutual agreement in writing. VESB intends to finance the cost and outlay to implement the project via internally generated funds and/or bank borrowings. The cost and outlay will be determined once the terms and conditions of a final agreement is mutually agreed upon.