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- The mixed housing project in Kubang Pasu, Kedah, will have a gross development value (GDV) of RM663.36 million.
KUALA LUMPUR (Sept 19): Construction outfit SC Estate Builder Bhd’s wholly owned subsidiary, SC Estate Energy Sdn Bhd (SCEE), has entered into a joint venture (JV) agreement with Vanguard North Sdn Bhd to develop a mixed housing project on four parcels of land in Kubang Pasu, Kedah, with a gross development value (GDV) of RM663.36 million.
According to the company’s filing with Bursa Malaysia today, the 24.85-hectare site will be transformed into a residential-led development comprising subdivided land, housing units and other building types, subject to the necessary regulatory approvals.
Construction is scheduled to commence in the second quarter of 2026 and is targeted for completion by the second quarter of 2030.
Under the JV terms, SCEE will finance and oversee the entire development, including design, construction and all required approvals, and will bear the full project cost. Vanguard North, the landowner, will receive RM27.29 million, part of which will be used to redeem existing charges with Maybank Islamic Bhd.
Upon full payment, SCEE will obtain beneficial ownership of the land even before formal transfer of title.
SCEE, incorporated in 2019, specialises in engineering, procurement, construction and commissioning for renewable-energy projects, while Vanguard North, incorporated in 2022, is a private holding company.
SC Estate Builder said the proposed mixed housing project supports its long-term strategy to expand in renewable energy and affordable housing, in line with Malaysia’s National Energy Transition Roadmap. The JV remains subject to shareholder and regulatory approvals and is expected to contribute positively to the group’s future earnings.
As Penang girds itself towards the last lap of its Penang2030 vision, check out how the residential segment is keeping pace in EdgeProp’s special report: PENANG Investing Towards 2030.
