PETALING JAYA: Melati Ehsan Holdings Bhd’s wholly owned subsidiary Bayu Melati Sdn Bhd (BMSB) has been appointed the main/turnkey contractor to construct shops, commercials lots and serviced apartments in Section 40, Petaling Jaya.
The appointment of BMSB as main/turnkey contractor of the project is by virtue of the privatisation agreement dated Oct 19, 2018 entered into between Perbadanan Kemajuan Negeri Selangor (PKNS) and Melati Ehsan (M) Sdn Bhd (MEMSB).
The final price will be confirmed after parties commence exclusive discussion and negotiation.
The completion period of the project is 84 months. It is expected to contribute positively to Melati Ehsan’s future earnings.
Meanwhile, BMSB has terminated a joint venture with PKNS’s wholly owned subsidiary Selgate Corp Sdn Bhd (formerly PKNS Holdings Sdn Bhd) for the development of three pieces of freehold commercial land in Section 40, Petaling Jaya, with a sports complex known as “Kompleks Sukan PKNS”.
Selgate Corp will refund to BMSB the initial payment of RM5 million immediately from the execution of the deed.