Mitsu Fudosan Co., Ltd (MFA) and Eastern & Oriental Berhad (E&O) entered into a joint-venture agreement to develop luxury residences in the most prime and elevated parcel of land located in Damansara Heights.
The joint venture will be undertaken between Mitsui Fudosan (Asia) Malaysia Sdn Bhd (MFAM), an indirect wholly owned subsidiary of Mitsui Fudosan and KCB Holdings Sdn Bhd (KCBH), an indirect wholly owned subsidiary of E&O, via a new joint venture company.
The new joint venture company will be 51% held by KCBH and MFAM hold the remaining 49%. Upon incorporation, the new joint venture company will acquire 14 plots of freehold land located along Jalan Teruntung, Damansara Heights measuring approximately 15,962.2
square metres amounting RM88.33 Million. The development land enjoys a strategic address within the highly sought after Damansara Heights location and is slated to be developed into 3-storey villas / condominiums totaling 54 units with a GDV of RM348 million.