KUALA LUMPUR (April 7): Parkwood Holdings Bhd’s unit has entered into a development management agreement with its indirect investee company Triangle Asia Sdn Bhd to manage and rebrand Villa Bolton along Jalan Taman U-Thant as a low-density private and luxurious complex of condominiums and penthouse.

In a bourse filing, the company said its wholly-owned subsidiary Parkwood Developments Sdn Bhd as the development manager, will provide development management services for 60 months from the date of the sale and purchase agreement between Triangle Asia and Idam Jernih Sdn Bhd, the seller of Villa Bolton being concluded.

“The scope of the development management services of the development manager shall include strategic planning, financial management, feasibility study, design management, requisite approvals, contract documentation and tender, cost monitoring and control, completion and handover and disposal of project units,” it said.

Parkwood said Triangle Asia will pay its subsidiary a fixed fee of RM3 million and an administrative fee equivalent to 1% of the selling price of each project unit sold.

According to Parkwood, its investee company Parkwood PJS Sdn Bhd has a 34% stake in Triangle Asia. In addition, its executive director and major shareholder Lim Chin Sean is also a director of Triangle Asia.

“Accordingly, [he] shall abstain and will continue to abstain from all board deliberations of the company and voting pertaining to the DMA for the project,” it said.

Meanwhile, in a separate statement, Triangle Asia executive director Puan Sri Datin Michelle Lim said Villa Bolton will be the first residential development of its kind within the exclusive U-Thant enclave.

“Tapping on each of our partners’ experience and strengths in property development such as Utamara Boutique Residences in Petaling Jaya, The Greens in Taman Tun Dr. Ismail which received the prestigious FIABCI Malaysia Property Award under the residential category in 2018, and Eco Ardence in Setia Alam, Triangle Asia is set to craft a masterpiece in luxury modern living in a most beautiful area of Kuala Lumpur,” she said.

According to Triangle Asia, the architecture of the new Villa Bolton will promote a “contemporary ‘green’ living lifestyle in keeping with the serene Taman U-Thant’s surrounds”.

“Residents can look forward to a home with thoughtful design, emphasising on natural lighting and ventilation, premium finishing and contemporary interior fit-outs such as smart home devices, multi-tiered security system, en-suite bath, walk-in closet, private pool and professionally landscaped gardens.

“Residents will also enjoy private garages, ample parking bays, a state-of-the-art club with spa, function room and multi-purpose hall.

“Villa Bolton’s location, which offers panoramic views of the KL city’s vibrant skyline from its units and sky pool deck, will be a key selling point for potential buyers and residents."

At 5.24pm, Parkwood was down half a sen or 2.27% to 21.5 sen today, valuing the company at RM31.65 million.