KUALA LUMPUR (June 30): SMTrack Bhd's wholly-owned subsidiary SMT Turbojet Resources Sdn Bhd will assist Menara Rezeki Properties Sdn Bhd (MRPSB) in performing the services based on the scope of work as set out in the project management consultant agreement worth RM80 million.

In a filing with Bursa Malaysia on Thursday (June 30), SMTrack said the agreement was signed between MT Turbojet and MRPSB recently.

SMTrack said the rationale of the agreement was to establish business integration for diversification into other activities to enhance its revenue.

"The project shall commence from the date of written confirmation from MRPSB that the commercial land has been transferred in the name of the MRPSB.

"MRPSB will pay SMT Turbojet Resources a total fee equivalent to 10% of the estimated gross development cost for the project, which is approximately RM800 million," it added.

SMTrack said the project is expected to commence in the third quarter (Q3) of 2023, upon the land having been transferred and registered in the MRPSB's name, while the estimated time for completion of the project is Q3 2027.