KUALA LUMPUR: SUNWAY HOLDINGS BHD []'s memorandum of understanding with the XuanCheng Municipal Government expired on Tuesday, Oct 5 and there are no plans to extend it.
Sunway said on Tuesday, Oct 5 it at the expiry of the MoU, 'the board of Sunway does not intend to enter into any definitive agreement in the immediate future'.
The MoU was signed on May 6 and the plan then was to set out the proposed collaboration between Sunway and XuanCheng Municipal Government to develop an integrated city.
The integrated city plan would consist of an international-standard entertainment park, exhibition centre, hotels, shopping malls, offices and residential units on land to be acquired from XuanCheng Municipal Government.
Under the terms of the MoU, Sunway would be the master developer and undertake a feasibility and market study on the proposed development.
At that point in time, Sunway would prepare a preliminary master plan for the proposed development within four months from the date of MoU, which would expire on Sept 5.
The MoU was then extended to Oct 5 for the preparation of the preliminary master plan.
Sunway said on Tuesday, Oct 5 it at the expiry of the MoU, 'the board of Sunway does not intend to enter into any definitive agreement in the immediate future'.
The MoU was signed on May 6 and the plan then was to set out the proposed collaboration between Sunway and XuanCheng Municipal Government to develop an integrated city.
The integrated city plan would consist of an international-standard entertainment park, exhibition centre, hotels, shopping malls, offices and residential units on land to be acquired from XuanCheng Municipal Government.
Under the terms of the MoU, Sunway would be the master developer and undertake a feasibility and market study on the proposed development.
At that point in time, Sunway would prepare a preliminary master plan for the proposed development within four months from the date of MoU, which would expire on Sept 5.
The MoU was then extended to Oct 5 for the preparation of the preliminary master plan.
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