Sinmah Capital partners KLFA to develop land in Setapak

NST Thu, Jun 23, 2022 06:49pm - 1 year View Original


KUALA LUMPUR: Sinmah Capital Bhd has partnered with the Kuala Lumpur Football Association (KLFA) to develop a plot of land in Setapak into a mixed development.

In its filing with Bursa Malaysia today, Sinmah said its subsidiary, Sinmah Properties Sdn Bhd (SPSB), had on June 22 formed a joint venture agreement with KLFA for the project.

Under the agreement, SPSB will complete the project within five years.

"KLFA, which will be entitled to consideration sums stated in the agreement on completion of the project, will grant SPSB a two-year extension to complete it should unforeseen circumstances arise.

"Immediately upon approval of the building plans to the project, SPSB will have the right of the construction of the building, roads, side lane, back lane," it said.

According to Sinmah, the project represents an opportunity to further capitalise on its experience and expertise in property development.

It said this bodes well with the company's strategy to grow its property development segment either through acquiring a land bank or joint ventures with landowners.

"The project will not have any material effect on the net assets per share and gearing of the company for the financial year ending December 31, 2022 (FY22).

"However, barring any unforeseen circumstances, the project is expected to contribute positively to the company's net assets per share in the long term," it added.

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