Zul Rafique & partners’ Corporate Real Estate team advises Tropicana Senibong Sdn. Bhd. (a wholly-owned subsidiary of Tropicana Corporation Berhad) in relation to an unincorporated joint venture with Puncak Alam Housing Sdn. Bhd.
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Leong May Ling and Connie Ho Suk Mun from ZUL RAFIQUE & partners’ Corporate Real Estate practice group have advised and acted for Tropicana Senibong Sdn. Bhd. (“TSSB”) (a wholly-owned subsidiary of Tropicana Corporation Berhad (“TCB”)) in relation to a joint venture agreement with Puncak Alam Housing Sdn. Bhd. (“Proprietor”) for the development of residential homes on three (3) parcels of leasehold lands measuring approximately 362.742 acres in area, located in Mukim of Ijok, District of Kuala Selangor, State of Selangor Darul Ehsan (“Lands”) (“Joint Venture”).
Pursuant to the Joint Venture, the Proprietor has agreed to grant TSSB the development rights to develop the Lands in consideration for the payment of the sum of RM334.54 million which shall be paid progressively for a period of 72 months from the date of the joint venture agreement.
The Lands are strategically located, given its vicinity to the Kuala Lumpur-Kuala Selangor Expressway (LATAR) and Bandar Tasik Puteri in the north, Jalan Sungai Buloh and Guthrie Corridor Expressway in the east, Jalan Bukit Cherakah and Kampung Bukit Kapar in the south and the West Coast Expressway in the west.
The transaction was announced by TCB in Bursa Malaysia, HERE
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