Tuesday, July 13, 2010

BDRB, MPHB in property ventures

KUALA LUMPUR: Bandar Raya Development Bhd is teaming up with MULTI-PURPOSE HOLDINGS BHD [] (MPHB) to develop several parcels of land owned by MPHB in Penang and Selangor.

BDRB said on Tuesday, July 13 it had inked the MoUs with MPHB to work toegther and develop several parcels of land in Penang measuring about 80 acres, Rawang (266.7 acres) and Gombak (324 acres) which are owned by MPHB.

BRDB has six months from the date of the MoUs or such longer period as the parties shall mutually agree upon to conduct a feasibility study on all the proposed projects.

"The signing of the MOUs is in line with the BRDB group's business strategy of enlarging its development land banks via joint venture to improve profitability and shareholder value," it said.

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