KUALA LUMPUR: DPS Resources Bhd, through its wholly-owned subsidiary, Shantawood Sdn Bhd (SSB), is jointly developing a mixed development project in Melaka that has a gross development value (GDV) of RM200 million.

SSB signed the joint development agreement with Biotrend Asia (M) Sdn Bhd (BASB) to develop a few parcels of land measuring 52.19 acres (21.1 ha).

It said BASB, as the developer of the Melaka land, shall grant SSB the rights to carry out the development in exchange for an average of three per cent of the total GDV.

Group managing director Edward Sow Yuen Seng said the agreement reaffirms its expansion efforts to increase its presence in property development, particularly in the affordable residential housing segment.

"This mixed development project is anticipated to increase the revenue derived from DPS' property development business and contribute positively to the future earnings and profitability of the group," he said.

The development land's connectivity and accessibility to public amenities, especially with the existing Sungai Udang–Paya Rumput–Ayer Keroh (SPA) Highway and Alor Gajah–Central Malacca–Jasin (AMJ) Highway, provide a significant potential for success for the proposed joint development.

The joint development is also located just 10 minutes drive away from Melaka town and nestle within a matured residential and commercial area.