Gabungan AQRS Bhd’s unit, Gabungan Strategik Sdn Bhd, and a joint-venture (JV) partner, Monolight IBS Building System Sdn Bhd, plan to build PR1MA houses in Kuantan, Pahang for RM424.23 million.
In a filing to Bursa Malaysia today, the group said the project also involved the building of amenities, utilities, facilities, and infrastructures.
Both parties entered into a JV agreement today.
It said the JV agreement was conditional upon the fulfilment of the conditions precedent of the master agreement.
“The conditions must be fulfilled on Oct 24, 2016, failing which both parties will mutually agree to a further extension of time.
“Upon expiry of the approval period or such extension to the period, either party will be entitled to terminate the agreement by a written notice,” it said.
Gabungan Strategik holds 49 per cent share in the JV and Monolight 51 per cent.