ARK Resources aborts plan to build retirement community in Kuala Kubu Baru

ARK Resources aborts plan to build retirement community in Kuala Kubu Baru
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KUALA LUMPUR (March 10): ARK Resources Bhd has terminated its Memorandum of Understanding (MoU) that it had entered into in November last year with Shantiniketan Development (M) Sdn Bhd (SDM) to develop a gated community targeted for retirees in Kuala Kubu Baru, Selangor.

In a filing with Bursa Malaysia today, ARK said the MoU was mutually terminated at no costs to either party, and that no formal contract was signed between the parties.

ARK had entered into the MoU on Nov 29 last year with SDM, which is associated with Shantiniketan Inc, a company incorporated in the US which builds retirement communities there.

The MoU entailed that the two companies collaborate to eventually develop a gated community of about 100 semi-detached homes and a clubhouse with swimming pool in Kuala Kubu Baru, targeted to retirees.

ARK is the full-fledged property developer of Taman Desa Bukit Bujang, a mixed housing and commercial development in Kuala Kubu Baru.The group is also involved in providing engineering and construction services.

ARK shares closed up one sen or 2.3% to 43.5 sen today, for a market capitalisation of RM21.17 million. Its share price has appreciated by 40% since the signing of the MoU on Nov 29 last year.