KUALA LUMPUR: Damansara Realty Bhd and the Negeri Sembilan government will jointly undertake a mixed development property project in Bandar Sri Sendayan, Seremban with a gross development value of RM771mil.
Damansara Realty announced to Bursa Malaysia on Monday that it had accepted the letter of award from the Menteri Besar, Negeri Sembilan Incorporation (MBSNI) to undertake the mixed development comprising commercial podiums, shop lots and residential units.
“The development profit payable to MBNSI is approximately RM100.79mil over eight tranches,” it said.
Damansara Realty said the project was expected to contribute positively to the earnings and net assets.
“As Damansara Realty is involved in the property and land development business, the project is in the ordinary course of business and is not subject to the approval of the shareholders of the company,” it said.