Share
PETALING JAYA (June 16): Gabungan AQRS Bhd has executed a new joint venture agreement (JVA) with landowner Rising Charm Sdn Bhd to supersede the original December 2025 agreement for an integrated commercial development in Bangi, Selangor, with the key revision restructuring how and when the landowner receives its unit entitlement from the project.
In a Bursa Malaysia filing yesterday (June 15), GBGAQRS said its wholly owned subsidiary GBG Development Sdn Bhd — formerly known as Grand Meridian Development Sdn Bhd, itself a subsidiary of GBG Property Sdn Bhd — entered into the new JVA with Rising Charm Sdn Bhd yesterday (June 15). The new agreement supersedes the existing JVA in its entirety, incorporating revised terms and conditions agreed between the parties.
What changed
The principal revision concerns the allocation of units to the landowner, Rising Charm, from the existing E'island Lake Haven project.
Under the revised Clause 7.1, the 44 units owed to Rising Charm will now be delivered in two separate tranches rather than under a single arrangement: 37 units under E'island Lake Haven Listing 1, with the sale and purchase agreements to be executed within 14 days from the unconditional date; and 7 units under E'island Lake Haven Listing 2, with SPAs to be executed within 14 days from completion of the E'island Lake Haven project.
The filing noted that E'island Lake Haven has already obtained its Certificate of Completion and Compliance (CCC) and is free from encumbrances.
GBGAQRS said the revision to these terms is expected to significantly ease the project's cash flow position. All other terms and conditions of the joint venture remain substantially unchanged from those disclosed in the December 2025 announcement.
Background
The joint venture was first announced on Dec 3, 2025, when GBG Development entered into an unincorporated JVA with Rising Charm to revive and develop a 7.92-acre site in Bangi — the former site of Sibertel College — located adjacent to the German-Malaysian Institute in Pekan Kampung Sungai Tangkas, Daerah Ulu Langat.
The development is planned to comprise 1,673 residential units and a commercial net sellable area of 87,500 sq ft, with a gross development value estimated at RM600.47 million and a targeted launch in the third quarter of 2027.
The restructuring of the landowner's unit entitlement into two tranches — one tied to an unconditional trigger and one deferred to project completion — converts what was presumably a front-loaded obligation into a phased delivery schedule.
By aligning a portion of Rising Charm's entitlement to project completion rather than an earlier milestone, GBGAQRS reduces the immediate call on cash resources at the outset of the Bangi development.
GBGAQRS said the revision to these terms is expected to significantly ease the project's cash flow position. Under the revised structure, Rising Charm’s unit entitlement is to be delivered in two tranches, with part of the units tied to the unconditional date and the balance to completion of E’island Lake Haven.
The E'island Lake Haven project — GBGAQRS's affordable-luxury development in Puchong — serves as the currency for the landowner's consideration, and its CCC status removes execution risk on that component of the revised agreement.
..........
Read about emerging trends, data-backed insights, growing subsectors, and expert commentaries in EdgeProp print. Subscribe now for your free copy!
