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PETALING JAYA (April 17): HCK Capital Group Bhd (HCK Capital) announced yesterday (April 16) that all conditions precedent of its proposed joint venture (JV) to develop a freehold land parcel in Cheras, Selangor, have been fulfilled, rendering the JV unconditional with immediate effect.
The JV is between Trilink Essential Sdn Bhd (TESB), an indirect wholly-owned subsidiary of HCK Capital, and Bongsor Development Sdn Bhd (BD), the landowner, for the development of a 6.8672-hectare freehold parcel held under GRN 290950, Lot 1095, Pekan Cheras, Daerah Ulu Langat, Selangor Darul Ehsan.
The estimated gross development value (GDV) of the proposed development is RM600 million.
The JV agreement was first signed on Sept 17, 2025. Under its terms, TESB is granted exclusive and full rights to plan, design, obtain regulatory approvals, appoint consultants and contractors, and market and sell the development units, as well as to collect and utilise proceeds from sales.
TESB will be the beneficial owner of the land and is entitled to all revenues and proceeds from the development, save for the units and cash entitlements to which BD is entitled as landowner.
BD's entitlement comprises both cash payments and units, disbursed in a staggered manner in accordance with the progress of the development.
The conditions precedent that have now been fulfilled included, among others, the registration of BD as the sole proprietor of the land free from encumbrances, and receipt of the relevant authority's approval for the conversion of the land use category to "Residential".
Construction is required to commence within two years from the unconditional date — April 16, 2026 — and must be completed within five years from the commencement of construction, with an option to extend by one year.
The development will be funded via a combination of internal resources and bank borrowings.
Bongsor Development Sdn Bhd is a Shah Alam-based company principally involved in the construction of buildings and property development, with an issued share capital of RM250,000.
Its shareholders are Lim Boon Swee (80%) and Lim Yeow Leng (20%). No directors, major shareholders or persons connected with HCK Capital have any interest, direct or indirect, in the joint venture.
The highest percentage ratio applicable to the JV agreement pursuant to Paragraph 10.02(g)(vii) of the Main Market Listing Requirements of Bursa Malaysia is approximately 8.35%, based on the audited financial statements of HCK Capital for the financial year ended Dec 31, 2024.
The proposed JV does not require shareholders' approval, save for development-related and conversion approvals from the relevant authorities.
Editor's note: All information above is sourced exclusively from HCK Capital Group Bhd's Bursa Malaysia announcements dated April 16, 2026 and Sept 17, 2025. This article is for informational purposes only and does not constitute financial or investment advice.
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