<div class=newsTextDataWrapInner><p><span style="font-style: italics;">This article first appeared in The Edge Financial Daily on March 26, 2019</span></p></div><div class=newsTextDataWrapInner><p>KUALA LUMPUR: Permaju Industries has teamed up with OCR Group Bhd to develop a residential and commercial project with an estimated gross development value (GDV) of RM1 billion in Kota Kinabalu.</p></div>

<div class=newsTextDataWrapInner><p>Permaju said its 70%-owned subsidiary Hardie Development Sdn Bhd had inked a memorandum of understanding with OCR’s wholly-owned unit O&amp;C Construction Sdn Bhd for the 44.28ha Princess Heights development in the Menggatal district.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>The project comprises shops, shop-offices, terrace houses, town houses and a four-storey hypermarket. It is also earmarked for the future development of an e-commerce and lifestyle hub, said Permaju in a filing with Bursa Malaysia,</p></div>

<div class=newsTextDataWrapInner><p>“Upon completing the phase 1E of the project — the four-storey hypermarket — it will be leased to Mydin Mohamed Holdings Bhd for 20 years for the establishment and operation of its hypermarket and retail business,” Permaju added in a separate statement.</p></div>

<div class=newsTextDataWrapInner><p>The group said the total collectable rental is estimated at RM433 million. Permaju said the parties will enter into a definite agreement to set forth their scope of joint venture, upon performing their respective due diligence. It added that the profit-sharing concerning the project will be on a 50:50 basis.</p></div>


KUALA LUMPUR: Permaju Industries has teamed up with OCR Group Bhd to develop a residential and commercial project with an estimated gross development value (GDV) of RM1 billion in Kota Kinabalu.

Permaju said its 70%-owned subsidiary Hardie Development Sdn Bhd had inked a memorandum of u...

Permaju, OCR to develop RM1b GDV project in Kota Kinabalu

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