PETALING JAYA: Crest Builder Holdings Bhd’s 51%-owned subsidiary Landasan Bayu Sdn Bhd (LBSB) has agreed with Lembaga Getah Malaysia (LGM) to terminate the joint development agreement (JDA) for the development of a 4.75 acres land on Jalan Ampang, Kuala Lumpur.
“LBSB and LGM had mutually agreed that the joint development is no longer commercially and financially viable due to the reduction in land size and reduction of plot ratio imposed by the local authorities,“ Crest Builder said in a stock exchange filing.
The proposed development was a mixed commercial development which comprises of retail, premium residential and offices with a projected gross development value of RM1.33 billion.
LBSB will remove the caveat on the land and LGM will refund all deposits to LBSB.
“Since the condition precedents of JDA have not been fulfilled and the project has yet to commence, the mutual termination will not have any significant effect on the earnings or net assets of CBHB for the financial year ending Dec 31, 2019,“ the group said.
