Damansara Realty inks MoU with Country Garden for property development

Damansara Realty inks MoU with Country Garden for property development
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KUALA LUMPUR (Sept 1): Damansara Realty Bhd has inked an Memorandum of Understanding with Country Garden Real Estate Sdn Bhd to jointly undertake a development on a land, measuring 52 acres in Johor Bahrum Johor.

In a filing with Bursa Malaysia today, the property developer said it entered into the non-binding MoU with Country Garden via its wholly-owned subsidiary, Damansara Realty (Johor) Sdn Bhd.

"The MoU was to set out the understanding between parties to jointly develop a portion of land located, measuring approximately 52 acres held under individual issue document(s) of title in Johor Bahru," it added.

Damansara Realty said the development is to be undertaken via a new special purpose vehicle company to be incorporated at a later date.

Country Garden Real Estate is a subsidiary of Country Garden Holdings Co Ltd, with principal business of property development.

Shares in Damansara Realty closed up 0.5 sen or 0.71% at 71 sen today, for a market value of RM219.65 million.