KUALA LUMPUR: Central Global Bhd’s wholly owned subsidiary, Central Global Development Sdn Bhd (CGD), has entered into an agreement with Permodalan Kedah Bhd (PKB) to build a mixed development with a gross development value (GDV) of RM42.3 million.
The development comprises 20 shop lots, 46 double-storey houses, 53 single-story houses and a commercial site on 4.74 hectares (11.72 acres) in Pendang, Kedah.
The parties agreed that all costs incurred in the development of the project shall be borne solely by CGD, according to a Central Global filing with Bursa Malaysia today.
CGD will fund the project from its internally generated funds and bank borrowings.
Meanwhile, PKB will assist in the application process to the Kedah state government and other relevant authorities to obtain the necessary approvals for the project.
Central Global said the development will enable the group to participate and benefit from the business venture.
The agreement is expected to contribute positively to the profitability and cash flow of Central Global in the future.-Bernama
