Bandar Raya Developments Bhd’s subsidiary Vibrant Light Sdn Bhd will join hands with Country Heights Land Sdn Bhd to develop a residential project with a gross development value of RM652 million in Bluewater Estate, Seri Kembangan, Selangor.
The proposed development will be carried out by a joint venture company, Earth Pavilion Sdn Bhd (EPSB), said Bandar Raya Development in a filing to Bursa Malaysia today.
The project comprises 310 units of semi-detached houses and 13 units of bungalows, and is expected to begin construction in the last quarter of 2011.
Bandar Raya Development said as part of the joint venture, EPSB has also entered into separate sale and purchase agreements with the vendors of Bluewater Lands to purchase 66 parcels of leasehold land for RM160 million.
Vibrant Light will hold 75 per cent stake in EPSB with the remaining 25 per cent under Country Heights Land.